MTECHTIPS;-Crude Oil continues down trend, WTI slips below $94

MTECHTIPS;-Crude Oil continues down trend, WTI slips below $94

US crude oil futures fell below $94 per barrel on Monday on growing concerns over economic slow down in China and US Federal Reserve Monetary may end its monetary stimulus program as unemployment claims fell last week.OPEC may keep its crude oil supply unchanged at a meeting which is scheduled to be held later this week and this is also weighing on crude oil movement in the global market. WTI crude oil continuing its negative trend for the fifth consecutive day.NYMEX crude oil futures for July delivery was seen trading down by 0.49% at $93.68 per barrel as of 10.08 AM IST on Monday.Brent crude oil futures for July delivery also down by 0.09% at $102.53 per barrel as of 10.10 AM IST on Monday.China would not give-up its environment instead of short-term economic growth, said Chinese President Xi Jinping in a study session of the Communist Party’s leadership. This move is expected to reduce crude oil demand from China.Crude oil futures are expected to continue their down trend for the day as there are no major data releases scheduled. Also, US and British markets are closed for the day on account of Memorial Day and Bank Holiday respectively.Twelve members of OPEC supplied 30.5 mn barrels of crude oil per day in April, as per its monthly crude oil market report.Crude oil futures on India's Multi Commodity Exchange (MCX) for June delivery was seen trading down by 0.74% at Rs.5229 per barrel as of 10.01 AM IST on Monday.

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