• Home »
  • »
  • MTECHTIPS:-MCX Crude To Cut Short Latest Recovery

MTECHTIPS:-MCX Crude To Cut Short Latest Recovery

MTECHTIPS:-MCX Crude To Cut Short Latest Recovery

WTI Crude oil futures extended losses today, sliding under $42 per barrel. The counter is running into fresh six year lows amid gloomy demand scenario and continued lack of buying. Global equities remained on an edge amid bitter US and Japanese economic data and lack of conviction amid traders after a rocky week. WTI Crude oil futures dropped under $42 per barrel and currently trade at $41.78 per barrel, down 0.21% on the day. MCX Crude oil futures edged up from lows near Rs 2730 per barrel and carved out steady gains in overnight session, nearing Rs 2800 mark. The counter should yet again flip direction and drop in line with global prices. A break above Rs 2800 levels can trigger some intraday buying though the sentiments remain very weak. A reading of New York-area manufacturing conditions crashed in August to the worst reading since the recession, the New York Fed said Monday. The Empire State general business conditions index nosedived to a reading of negative 14.9, from positive 3.9 in July. The new-orders component sank to negative 15.7 from negative 3.5, and the shipments index sank to negative 13.8 from positive 7.9. Oddly, perhaps, the index for future business activity climbed seven points to 33.6. Japan’s gross domestic product shrank 1.6% on an annualized basis in the April-June quarter. Exports acted as the biggest drag on Japan’s economy, falling a massive 16.5%.
WWW.MTECHTIPS.COM
07489294118-119