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MTECHTIPS;-Global Crude Oil Sinks To Six Year Low

MTECHTIPS;-Global Crude Oil Sinks To Six Year Low

MCX Crude oil futures slipped heavily yesterday, giving up more than Rs 100 per barrel as a failure to hold above Rs 2900 per barrel mark triggered a heavy collapse. The WTI Crude futures yet again slid lower today as equities slipped with investors assessing China’s unexpected devaluation of the yuan. China’s central bank devalued the yuan by nearly 2%, allowing the currency to fall to levels last seen in 2012, in an effort to make the country’s exports more competitive. Stocks fell across the globe with DOW sliding more than 1% and oil reversed the near two percent gain seen Monday. The global crude oil prices had recovered from their lowest levels in months yesterday on bargain buying and a moderate retreat in the US dollar. The WTI Crude futures tested six year lows yesterday and extended these losses further today amid weak equities. The commodity is quoting at $42.88 per barrel, down 0.46% on the day. MCX Crude oil closed at Rs 2780 per barrel in last session and can drag further today given that the global price scenario are looking very grim now. Meanwhile, US productivity in the second quarter rose by a 1.3% annual pace after two straight negative quarters. Output increased 2.8% in the second quarter while hours worked edged up 1.5%. On a year-on-year basis, productivity remains tepid at 0.3%. Unit-labor costs rose by
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