Crude oil futures dip as Iraq fears ease
30/06/2014 08:59
Crude oil futures ended lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the unrest in Iraq may not disrupt crude supplies form the OPEC’s second biggest oil producer. The country’s largest oil refinery, the Baij refinery was now in control of the Iraqi military while Iraq’s southern region, which accounts for nearly three-fourth of the country’s total oil production, was safe from violence. However, a rise in US consumer confidence signaled a pickup in the world’s biggest economy, lifting the demand outlook for the fuel, curbing losses in crude oil futures. US consumer sentiment rose to 82.5 in June from 81.9 in the previous month. Crude oil futures may fall today amid easing fears over tighter crude supplies from Iraq. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,364 per barrel, down by 0.33 per cent, after opening at Rs 6,385, against a previous close of Rs 6,385. It touched an intra-day low of Rs 6,350.
30/06/2014 08:59
Crude oil futures ended lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the unrest in Iraq may not disrupt crude supplies form the OPEC’s second biggest oil producer. The country’s largest oil refinery, the Baij refinery was now in control of the Iraqi military while Iraq’s southern region, which accounts for nearly three-fourth of the country’s total oil production, was safe from violence. However, a rise in US consumer confidence signaled a pickup in the world’s biggest economy, lifting the demand outlook for the fuel, curbing losses in crude oil futures. US consumer sentiment rose to 82.5 in June from 81.9 in the previous month. Crude oil futures may fall today amid easing fears over tighter crude supplies from Iraq. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,364 per barrel, down by 0.33 per cent, after opening at Rs 6,385, against a previous close of Rs 6,385. It touched an intra-day low of Rs 6,350.
