MCX Crude oil is likely to witness some short covering along with base metals at lower levels. Crude-oil futures edged lower, capping a week of steep declines spurred by intensifying concerns about slowing oil demand. The decline marks the third downward session in a row for benchmark U.S. crude and its lowest finish in six weeks.
Oil demand in the U.S., the world`s largest oil consumer, fell 1.8 million barrels a day in the week, while oil imports fell 1.1 million barrels. Organization of the Petroleum Exporting Countries at a meeting this week agreed to maintain its current output levels.
