livemint-Crude Oil futures declined on MCX as investors and speculators exited positions in the energy commodity after the world’s second biggest oil consumer, China cut its growth rate for last year to 7.3 percent from 7.4 percent, a sign that the economic slowdown in the country is worse than previously thought, darkening the demand outlook for the fuel.
Further, a slowdown in the pace of hiring in the US signaled slight weakness in the labour market recovery in the world’s biggest economy, also added pressure on crude oil prices.
The contract for September delivery was trading at Rs 3064.00, down by 1.48% or Rs 46.00 from its previous closing of Rs 3110.00. The open interest of the contract stood at 21526 lots.
The contract for October delivery was trading at Rs 3123.00, down by 1.45% or Rs 46.00 from its previous closing of Rs 3169.00. The open interest of the contract stood at 2306 lots on MCX.