Crude Oil
WTI oil prices rose by 4.5 percent on Monday to close at $47.6 per barrel on signs of declining stockpiles, less drilling that could reduce future output and a jump in gasoline futures that boosted the overall petroleum complex.
Cushing stocks fell nearly 2 million barrels in the week to Sept. 11, the biggest draw since February 2014, U.S. government data showed.
Energy consultancy Wood Mackenzie estimated that $1.5 trillion of "uncommitted spending on new conventional projects and North American unconventional oil" was uneconomic at even $50 a barrel.
On the MCX, oil prices rose by 2.5 percent to close at Rs.3043 per barrel.
Natural gas
NYMEX natural gas prices declined by 1.5 percent to close at $2.63 per MMBtu while MCX gas prices also declined by 1.57 percent to close at Rs.169.50 per MMbtu. Moderate climate and increased stockpiles are acting as a negative factor for prices.
Outlook
On an intraday basis, we expect oil prices to trade lower as the sentiments remain bearish on the commodity with oversupplies 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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