Commodity Tips: Crude oil futures ended lower in the Indian market on Monday as investors and speculators stuck to a cautious approach ahead of a meeting between major oil producers next month in Doha with doubts emerging over an agreement on a plan to stabilize output as Iran remains adamant to continue pumping oil until production is back up towards pre-sanction levels.

A bigger than expected increase in US stocks which rose by 9.4 million barrels in the week ended March 18, 2016, showed that the market remains awash in crude.

However, a drop in the US oil rig count which signaled lower future production offered some relief as industry research firm Baker Hughes said that the number of rigs drilling for oil in the United State fell by 15 to 372 last week.

Traders weighed positive US economic data which signaled an upbeat demand outlook for the fuel in the world’s biggest economy, trimming losses in crude as US fourth quarter growth was revised upwards to 1.4% from 1% earlier.

Household spending in the US climbed by 0.1% for a third straight month in Feb while the index measuring pending home sales rose 3.5 per cent in February over the prior month, the biggest gain in a year.

Oil may bounce back today as the sharp losses in recent sessions paves way for bargain buying.

At the MCX, Crude oil futures, for the April 2016 contract, closed at Rs 2,633 per barrel, down by 0.94 per cent, after opening at 2,675, against the previous close price of Rs 2,658. It touched an intraday low of Rs 2,613.