Free MCX Tips: Crude Oil ends lower on weak demand

Free MCX Tips: Crude oil prices closed lower in the Indian market on Monday on dimmed hopes for demand-led growth as China showed manufacturing remains in shortening. In China the semi-official manufacturing PMI for January reached 49.4, missing the 49.6 level seen and remaining in shortening and the Caixin Manufacturing PMI index came in at 48.4, a bit above the expected 48.0. Losses were curbed amid speculation OPEC and non-OPEC producers may be edging closer to a deal to cut production in an effort to tackle one of the largest supply gluts in decades. Investors will be awaiting a flurry of survey data on manufacturing and service sector growth amid interest over the outlook for the global economy. At the MCX, Crude oil futures, for the Feb 2016 contract, closed at Rs 2,153 per barrel, down by 5.82 per cent, after opening at 2,276, against the last end price of Rs 2,286. It touched an intraday low of Rs 2,149.