FREE MCX TIPS | Crude oil Cost closed higher in the Asian market on Monday after Industrial production in the euro zone rose more-than-expected Previous month signaling improving sentiment in the region which raised the demand outlook for the fuel. In a report, Euro stat said that European zone industrial production rose to a seasonally adjusted 0.6 per cent, from -0.3 per cent in the preceding month. However, gains were limited after the IEA warned that a global oversupply situation may persist next year as requirement slows a midst a weakening global economic recovery, and as the OEPC continues to boost production to protect market share and drive away competition from the likes of US and Russia. Also, traders are jittery ahead of the US Fed Reserve’s 2-day monetary policy meet starting on Tuesday, in which the world’s biggest central bank may raise interest rates for the 1st time since 2006, boosting the dollar, and dimming the demand for dollar-denominated commodities such as oil. At the Multi commodity Exchange, Crude oil futures, for the December 2015 contract, closed at Rs 2,453 per barrel, up by 2.08 per cent, after opening at 2,388, against the previous close price of Rs 2,403. It touched an intraday high of Rs 2,466.
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