Crude oil falls on weak demand prospects
28/07/2014 11:47
Crude oil prices fell by 0.33 per cent on Monday at the domestic markets after Germany’s Ifo business climate fell more-than-expected last month, data showed on Friday signaling weak sentiment in the region which reduced the demand outlook for the fuel. The Ifo Institute for Economic Research said its index of German business climate fell to 108.0, from 109.7 in the preceding month. At the MCX, crude oil futures for August 2014 contract were trading at Rs. 6,130 per barrel, down by 0.33 per cent, after opening at Rs. 6,125 against the previous closing price of Rs. 6,150. It touched the intra-day low of Rs. 6,114 till the trading. (At 11.49 AM today).
However, losses were curbed after U.S. durable goods orders rose more-than-expected last month, official data showed on Friday signaling upbeat sentiment in the region which raised the demand outlook for fuel. The Census Bureau said that durable goods orders rose to 0.7per cen, from -1.0per cen in the preceding month whose figure was revised down from -0.9per cen.
28/07/2014 11:47
Crude oil prices fell by 0.33 per cent on Monday at the domestic markets after Germany’s Ifo business climate fell more-than-expected last month, data showed on Friday signaling weak sentiment in the region which reduced the demand outlook for the fuel. The Ifo Institute for Economic Research said its index of German business climate fell to 108.0, from 109.7 in the preceding month. At the MCX, crude oil futures for August 2014 contract were trading at Rs. 6,130 per barrel, down by 0.33 per cent, after opening at Rs. 6,125 against the previous closing price of Rs. 6,150. It touched the intra-day low of Rs. 6,114 till the trading. (At 11.49 AM today).
However, losses were curbed after U.S. durable goods orders rose more-than-expected last month, official data showed on Friday signaling upbeat sentiment in the region which raised the demand outlook for fuel. The Census Bureau said that durable goods orders rose to 0.7per cen, from -1.0per cen in the preceding month whose figure was revised down from -0.9per cen.
