Commodity Outlook: Crude Oil Down As US Crude Stocks Swell

Crude Oil prices eased on Thursday, as global growth concerns weighed on the market.  US WTI crude oil futures were at USD56.11 per barrel down 0.2 percent, and the counter currently trades at USD 55.92 per barrel, down more than 1-percent on the day.

Crude oil futures on the Multi Commodity Exchange (MCX) also tumbled with the strength in Indian currency making the local futures extend a fall under Rs4000 per barrel, while the counter currently trades at Rs3937 per barrel, down 1.70percnt on the day. The rupee extended gains to hit 2-month high today. Rising local stocks pushed Indian rupee by 20-ps to 70.28per dollar.

Gold: Gold price held steady on Thursday, aided by concerns over global growth and tepid equity markets, while a strong dollar curbed gains ahead of European Central Bank’s policy meeting scheduled later in the day. 

Spot gold was up 0.1% at USD 1,287.24 per ounce, US gold futures were flat at USD1288.10 an ounce.