Mcx crude tips : Crude oil futures fall steeply by over 3 per-cent in the native market on yesterday as investors, observers and speculators quit their positions in the energy commodity tracking a bearish trend in the overseas market as a sixth straight rise in US crude stockpiles exasperated fears over a world wide supply glut.

United States crude oil supplies scrambled up by 2.8 million barrels to 482.8 million barrels in the week ended Oct 30, 2015, remaining near the highest level in at least 80 years, the EIA told. Moreover, stockpiles at Cushing, the biggest US oil storage hub fell by 212,000 barrels last week. In the meantime, US(United States) crude oil outcome climbed by 48,000 barrels per day to 9.16 million barrels per day last week while refinery utilization was at 88.7%, up slightly from 87.6 per-cent in the prior week. Investors cast aside robust US(United States) economic data which showed strong private jobs growth in October while services expanded at the 2nd fastest pace in a decade and the trade gap shrank to a seven-month low in September, indicating a pickup in the world’s largest economy, boding well for oil’s demand prospects.

Private payrolls in the US clinches 182,000 in October, following a revised 190,000 in September, while the ISM services gauge accelerated to 59.1 in October from 56.9 in September, with a reading above 50 signaling expansion. US trade gap narrowed to USD 40.8 billion in September from USD 48 billion in August on lower oil imports. Oil may reunite today as a strengthening US economic recovery bolsters requirement outlook for the fuel in the world’s biggest oil consumer. November 2015 contract for Crude oil futures, closed at Rs 3,049 per barrel, down by 3.45 per-cent, after opening at Rs 3,145, against the previous close price of Rs 3,158 at the MCX.

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