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Advisory Data:-
MCX Crude oil futures are down quite in the early moves today as the global prices slipped towards their two month lows amid a sell off in world markets and strength in the US dollar. The commodity is likely to find a support at lower level though as the as worries over supplies from the Middle East stir the sentiments. The WTI futures are quoting at $88.94, down 94 cents per barrel on the day.

WTI Crude closed at its lowest level in a week on Friday following a moderate sell off in equities as weak global demand undercut the enthusiasm generated by a rather strong US non-farm payrolls data. The US unemployment rate dropped from 8.1% to 7.8% in September while the economy added a bigger than expected 114,000 non-farm jobs in September.

Weak economic growth and high oil prices are likely to contain global oil demand in 2012 and cap it in 2013, the International Energy Agency (IEA) said in last month. The pace of oil demand growth is expected to remain relatively steady over the next 18 months, with annual gains of just 0.8 million barrels per day in both 2012 and 2013,” the agency said in its latest Oil Market Report. The agency also noted the rapid decline in global oil intensity, which is forecast to fall by 2.3% in 2012 and 2.5% in 2013.

The Asian stocks are mostly in red and oil has retreated further in the electronic moves after the prices failed to hold on above $90 per barrel on Friday. The commodity is also getting affected by the strength in the US dollar- which is firmly holding onto its rebound from a two week low. The MCX Crude oil futures are quoting at Rs 4648, down Rs 30 per barrel on the day or 0.64%. The open interest is up 3.34%, extending its upward bias off late as traders enter short after the slide under the watershed Rs 5k mark.

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