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Crude Under Rs 3500 On MCX

Capital Market / 11:06 , Sep 09, 2010

MCX Crude oil futures for September are down in the early moves today after a decent outing yesterday. The global prices are holding on under $75 per barrel as the commodity market participants eye the US weekly inventories data due later on today. The equities in Asia are mixed in choppy moves. Chinese stocks continue to drop on persistent concerns that Beijing would roll out further tightening measures while the other markets are holding on to their moderate gains. US dollar is stabilizing around 1.2700 mark against the Euro while the DOW futures are almost directionless. MCX Crude oil futures for September closed at Rs 3509 per barrel and currently trade at Rs 3492, down Rs 17 per barrel from the previous close. Prices look likely to stay under pressure as long as Rs 3500 stays untouched.

 



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