Crude oil prices fell by 0.62 per cent on Tuesday ahead of industry data on US stockpiles. The American Petroleum Institute will report its estimates of US crude and refined product stockpiles last week, which will be followed by more closely-watched US Department of Energy data on Wednesday. At the MCX, crude oil futures for August 2015 contract were trading at Rs. 3,061 per barrel, down by 0.62 per cent, after opening at Rs. 3,069 against the previous closing price of Rs. 3,080. It touched the intra-day low of Rs. 3,053 till the trading. (At 11.49 AM today).
Energy analysts continue to monitor the supply-demand imbalance globally, amid a glut of oversupply. Investors are preparing for the release of a wave of economic indicators later this week that could provide further signals on the direction of the global economy