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MTECHTIPS:-Crude Lingers Around $42, Expiry Dominates Sentiments On MCX

MTECHTIPS:-Crude Lingers Around $42, Expiry Dominates Sentiments On MCX

Crude stayed depressed today. Traders remained in a fix ahead of the weekly crude inventories data from the US EIA. Stocks stayed on an edge and equities dropped heavily inEurope, keeping oil traders from entering in long. WTI Crude oil futures are currentlytrading at $42.44 per barrel, down 0.42% on the day. MCX Crude oil futures for Septembertopped out at highs of Rs 2841 per barrel and currently trade at Rs 2824 per barrel, down 0.42% on the day. The near month August futures are expiring today and could keep the overall undertone volatile. WTI Oil gained from lows under $42 per barrel after API reported a 2.3 million barrelinventory draw – a bigger draw than the prior week and extending the run to 4 consecutiveweeks of drawdowns. However, traders remain worried about the overall demand scenario amid weak economic data from Japan, China and Eurozone. Japan’s gross domestic product shrank 1.6% on an annualized basis in the April-June quarter. Exports acted as the biggestdrag on Japan’s economy, falling a massive 16.5%. Iran’s return to the globaloil market has boosted supply hopes and the oil prices are down around one third over lastmonth or so.

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