News On Mcx Crude tips - " Crude oil Merchants hit panic mode "

Mcx Crude Tips Bears strengthened grip on crude oil as the energy commodity sank more than 2 per cent in the domestic market on Tuesday as traders weighed the prospect of reduced demand from Europe and China, and a surge in Iranian oil shipments that threatened to exasperate a global supply glut.European leaders on Tuesday gave a five-day ultimatum to Greece to submit a new set of reforms to receive fresh rescue aid from creditors or risk being pushed out of the currency union, the jitters of which may cause ripples across other European markets, slow the region’s economy, hence curbing energy demand.Meanwhile, China’s stocks resumed a sell-off on Tuesday, defying steps by policymakers to arrest a stock market rout and restore confidence in equities, including suspension of new share sales and pledges by mutual funds to increase investment in their stock funds, raising concerns over economic stability in China, the world’s second biggest energy consumer, prompting investors to exit risky assets.Meanwhile, Iran and the West agreed to extend a deadline for a final deal over the country’s nuclear program to Friday with the US State Department insisting that talks in Vienna between top Iranian officials and Western diplomats yielded significant progress over the past two days.

A deal on a long standing nuclear row could pave the way for lifting of sanctions on Iran, allowing the country to double its crude exports in an already oversupplied market.Meanwhile, the EIA boosted its US crude oil production forecast for 2015 to 750,000 barrels per day from 720,000 barrels per day, adding to the bearish sentiment.Traders cast aside data which showed that job openings in the US soared to a record high in May, signaling a strengthening labour market recovery in the world’s biggest economy. The number of job positions in the US waiting to be filled climbed by 29,000 to 5.36 million in May 2015 from the previous month.Oil may rebound today after a drop in US crude oil stockpiles last week signaled a pickup in demand for the fuel in the world’s biggest energy consumer. US crude oil supplies fell 958,000 barrels last week, the API said.At the MCX, Crude oil futures, for the July 2015 contract, closed at Rs 3,306 per barrel, down by 2.3 per cent, after starting at Rs 3,370, against the end close price of Rs 3,384. It touched an intraday low of Rs 3,226.