Crude oil futures ended lower in the domestic market on Tuesday as traders weighed the possibility of a crude output deal following reports that Russia supports a 1 year pact to stabilize prices.
However, weekly data expected to show the first increase in U.S. crude supplies in 3 weeks & a substantial slide by gasoline futures, with a major gasoline pipeline expected to return back to operation on Wednesday, kept prices in check.
At the MCX, crude oil futures for September 2016 contract ended at Rs 2,956/barrel, down by 0.14%, after opening at Rs 2,950, against a last close of Rs 2,960. It touched the intra-day low of Rs 2,907.
Gold futures ended higher in the domestic market on Tuesday as focus remained fixed on the dollar’s next move a day ahead of policy announcements from the U.S. Federal Reserve and Bank of Japan.
Higher U.S. rates, or lower Japanese rates, are seen as dollar-supportive. That could undermine pricing for gold priced in greenbacks.
At the MCX, gold futures for October 2016 contract ended at Rs 30,944/10 grams, upward by 0.13 %, after opening at Rs 30,950, against a last close of Rs 30,903. It touched the intra-day maximum of Rs 31,050.