http://www.researchvia.com/commodity-mcx-ncdex/
Free MCX Tips: Crude oil futures tanked nearly 4% in the Indian market on Tuesday, suffering the biggest two-day drop in nearly seven years in the overseas market where it settled at below the USD 30 per barrel mark as optimism over a cutback in output from major producers vanished, while traders braced for a hefty jump in weekly US storage levels, threatening to worsen a global supply glut in the energy commodity.

Talks between Russian Energy Minister and his Venezuelan counterpart failed to result in any concrete plan over a coordinated production cut, media reports said.

Oil had advanced last week as Russia said that Saudi Arabia, the OPEC’s biggest oil producer, had suggested an output cut which had raised hopes that the OPEC and Non-OPEC nations may agree on production cutbacks to reduce oversupply and support prices.

Traders weighed mixed US economic data as business activity growth in New York City slowed in January while consumer confidence rose in early February, signaling a mixed outlook for the fuel in the world’s biggest economy.

The ISM’s New York business conditions index fell to 54.6 in January from 62 in February, with a reading above 50 signaling expansion. The IBD/TIPP economic optimism index, a gauge of US consumer confidence climbed to 47.8 in February from 47.3 in January.

Oil may extend losses today after the industry-funded API reported a 3.8 million barrels spike in US crude stockpiles last week, a sign that the market remains over-flooded with oil.

At the MCX, Crude oil futures, for the February 2016 contract, closed at Rs 2,069 per barrel, down by 3.9 per cent, after opening at 2,109, against the previous close price of Rs 2,153. It touched an intraday low of Rs 2,042.