Crude Oil price edge lower on MCX

Commodity tipsCrude Oil prices edged lower on Wednesday after the International Monetary Fund lowered its global growth prediction. Brent crude futures were down 2 cents at USD 84.98 a barrel. WTI US crude were down by 0.2%, at USD 74.8 a barrel in early trade today.

Crude oil futures on Multi Commodity Exchange (MCX) ended yesterday at Rs 5,568 per barrel, up 1.35 percent on the day as the Indian rupee fell further. The Indian rupee ended at yet another low of 74.39, falling more than 30 paise against the US dollar.

As per latest available with Energy Information Admn monthly data, U.S. crude oil exports hit the 2 million-barrel per day monthly mark for the first time in May this year, and exports held above 2.1 million barrel per day in June and July, with record monthly exports at 2.2 million barrel per day in June.