http://www.researchvia.com/commodity-mcx-ncdex/
Free MCX Tips: Crude oil futures ended lower in the national market on Friday in the midst of a minuscule build in US oil rigs last week. Oil services firm Baker Hughes said the US oil rig count for the week ending on Oct. 16 fell by 1 to 594. It pointed the eighth straight week of weekly declines, as US production continues to hover near 2015 yearly lows. Energy investors have kept a close eye on the rig count since a shocking move by OPEC last November triggered a downturn in global oil prices. However, losses were limited as signs of a pickup in the 19-member Euro area economy bolstered the need outlook for the fuel. A combined gauge measuring Euro area manufacturing and services climbed to the highest target in two months at 54 in October, with a reading above 50 signaling expansion, Market Economics said. Meanwhile, the European Central Bank (ECB) also pointed out that it may boost its QE program to accelerate the region’s economic overcome, auguring well for crude oil. Bargain buying also limited the losses as prices hit a near-three week low after the EIA stated an 8 million barrels rise in US oil supplies last week, raising fears over a global supply glut. At the MCX, Crude oil futures, for the October 2015 contract, ended at Rs 2,927 per barrel, down by 0.81%, after opening at Rs 2,956, against the last close price of Rs 2,951. It touched an intraday low of Rs 2,895.