Crude oil futures continue downward journey
30/06/2014 10:24
Crude oil futures were trading lower in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the infighting in Iraq may not crimp supplies from the OPEC’s second biggest crude producer as the oil-rich southern part remains safe from violence. The first rise in US crude oil stockpiles since May last week signaled weakening demand for the fuel in the world’s biggest crude consumer. At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,355 per barrel, down by 0.14 per cent, after opening at Rs 6,355, against a previous close of Rs 6,364. It touched an intra-day low of Rs 6,351. (At 10:06 AM).
30/06/2014 10:24
Crude oil futures were trading lower in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the infighting in Iraq may not crimp supplies from the OPEC’s second biggest crude producer as the oil-rich southern part remains safe from violence. The first rise in US crude oil stockpiles since May last week signaled weakening demand for the fuel in the world’s biggest crude consumer. At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,355 per barrel, down by 0.14 per cent, after opening at Rs 6,355, against a previous close of Rs 6,364. It touched an intra-day low of Rs 6,351. (At 10:06 AM).
