OIL PRICES FALL AFTER FED DISAPPOINTS, US CRUDE OUTPUT RISES

At the MCX, Crude oil futures for Aug 2019 contract was trading at Rs. 4001.00 per barrel, down by 0.77 %, after opening at Rs. 4018.00 per barrel, against a previous close of Rs. 4032.00 per barrel. It touched an intra-day low of Rs. 3978.00 per barrel and high of Rs. 4018.00 per barrel.

Oil prices fell on Thursday, declining for the first time in six days, after the U.S. Federal Reserve dampened hopes for a string of interest rate cuts and Sino-U.S. talks ended without apparent progress towards resolving a bitter trade dispute.

MCXCOMDEX opened at 3757.51 and traded down by 0.62% at 3731.15.Commodities like Cardamom, Natural Gas were stood as top gainers, gained 4.00%, 0.19% respectively. On the other hand, Silver, Nickel, Lead, Zinc, Crude oil, Gold, Mentha oil, Cotton, Aluminium, Copper, CPO futures were stood as top losers, lose by 1.77%, 1.09%, 1.07%, 0.78%, 0.77%, 0.77%, 0.70%, 0.63%, 0.43%, 0.17%,0.02% respectively.

Mixed corporate earnings, weak domestic and global cues, and continuous selling by foreign portfolio investors (FPIs) were among the key reasons for the fall. Sensex was down 462.80 points or 1.23 % at 37018.32, while Nifty was down 138.00 points or 1.24% at 10980.00.