Crude Oil
WTI oil prices declined by 1.5 percent on Monday to close at $44 per barrel after an industry report showed large supply draw and government data forecasting lower U.S. crude output.
Oil prices saw another tumble with the onset of mid-September trading as soft economic data out of China and weak gasoline prices pressured the market.
On the MCX, oil prices declined by 2.6 percent to close at Rs.2923 per barrel.
Natural gas
NYMEX natural gas prices rose by 2.21 percent on Monday to close at $2.82 per MMbtu while MCX gas prices rose by 2.11 percent to close at Rs.183.70 per MMbtu. Cold climate and increased demand from residential sector is acting as a positive factor for prices.
Outlook
The oil supplies from OPEC as well as Non Opec nations remain robust for the commodity.
Demand side looks bleak with China slowing down and reluctance by the Saudi’s to hold summit on curtailing its output.
On the MCX, oil prices are expected to trade lower today.
Contributed by Angel Broking
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