Mcx crude tips : During Past week, Crude oil futures locked lower in the native market on Friday in the midst of a miniscule build in US(United States) oil rigs last week.Baker Hughes the Oil services firm told US(United States) oil rig count for the week ending on Oct. 16 fell by 1 to 594.

It marked the 8th straight week of weekly declines, as US(United States) production continues to hover near 2015 yearly lows. Energy traders have kept a close eye on the rig count since a shocking move by OPEC last November triggered a downturn in world wide oil prices. Moreover, losses were limited as signs of a pickup in the 19-member Euro area economy bolstered the demand outlook for the fuel. A combined gauge measuring Euro area manufacturing & services clinches to the highest level in 2 months at 54 in October, with a reading above 50 signaling expansion, Market experts told.

In the meantime, the ECB also indicated that it may boost its QE program to accelerate the region’s economic recovery, auguring well for crude oil. Bargain buying also limited the losses as prices hit a near-three week low after the EIA reported an 8 million barrels rise in US(United States) oil supplies previous week, raising fears over a global supply glut.

At the MCX, October 2015 contract for Crude oil futures closed at Rs 2,927 per barrel, went down by 0.81 per-cent, after opening at Rs 2,956, in against to the previous close price of Rs 2,951. It attained an intraday low of Rs 2,895.

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