MCX Crude Witnesses Massive Jump In Open Interest

Oil....

MCX crude oil futures witnessed some recovery in line with the global prices today but the worries over Chinese demand are expected to keep the counter under pressure. Prices witnessed a heavy drop on Friday after a pale US non-farm payrolls data. The sentiments in today's trade were mostly mixed as Asian markets came off the highs and the European indices edged higher. WTI Crude oil futures for May 2013 neared $94 per barrel and currently trade at $93.31, up 61 cents per barrel on the day. China's President Xi Jinping stated today that the days of ultra-high speed growth in the world's second-largest economy are probably over. I don't think we will be able to sustain an ultra-high speed of economic growth and it is not what we want either, according to media reports. Chinese economy grew at its slowest pace in 13 years in 2012, with gross domestic product expanding 7.8 per cent in the face of weakness at home and in key overseas markets. Crude tumbled dropped on Friday. The U.S. Bureau of Labor Statistics reported earlier the economy added 88,000 nonfarm payrolls in March, way below the 268,000 jobs added in February. The futures slumped to their two week lows following this and tracked the generally weak undertone in global crude oil market which saw the Brent variety tumble to its four month low. The US dollar is quoting just above 1.3000 levels against the Euro and the European markets have added smart gains. Oil would track the equities after recent array of losses. MCX Crude oil futures have witnessed heavy bargain buying today. The open interest in the counter is up by nearly 21%. The prices hit a high of Rs 5125 per barrel and currently trade at Rs 5105, almost unchanged on the day. Source  by Commodity Insights