Crude Oil
Last week, WTI oil prices lower pressured by ample supply and concerns about demand being curbed by slowing economic growth.
Oil futures extended losses as U.S. equities turned lower after the prospect of economic stimulus from China boosted stock markets in Japan and Europe.
Crude oil futures have been under pressure from concerns about swollen inventories, high global production and the increasing likelihood that Iranian barrels will return to export markets even as slowing growth in China threatens demand.
Also weighing on Brent was the growing potential for Iran to flood the oil market with more supply as the Obama administration gained further congressional support in its campaign to lift nuclear-related sanctions on Tehran crude exports.
Weaker Chinese equities and record North Sea crude production data added to global oversupply concerns.
WTI crude oil prices declined by 3.08 percent to close at $44.63 per barrel. On the MCX, oil prices declined by 3.5 percent to close at Rs.3000 per barrel.
Outlook
On an intraday basis, we expect oil prices to trade lower as international markets are down by around half a percent. Besides, oil markets continue to be dominated by over supplies on one hand and bleak demand on the other hand.
On the MCX, oil prices are expected to trade lower today.
Contributed by Angel Broking
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