Crude oil down by 3% in early trade
2013-09-02 16:14:11
Crude oil prices are down in early trade due to rupee appreciation as easing of concerns on Syria, according to Business Standard.
Crude oil was trading at Rs 7,033 per barrel, down by 3% in early trade on MCX. But, analysts expect the upward trend to continue in crude oil due to an improvement in global sentiment.
Gold has also opened lower on MCX due to appreciation in rupee in today's trade. Demand in the domestic market is also weak for gold due to the current price level of the yellow metal in the Indian market.
Gold was down by 1.5% on MCX, and was trading at Rs 32,503 per 10 grams.
Since the US markets are closed due to labour day, there won't be any direction from international markets.