Crude oil futures dip amid easing Iraq fears
12/08/2014 11:13
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity amid a weak trend in the overseas market and speculations that the US airstrikes in Iraq may contain the militancy in the OPEC’s second biggest crude producer, easing supply concerns over the fuel. US planes and drone aircrafts continued to bomb militant hideouts in Iraq to stem the insurgency and help end the massacre of religious and ethnic minorities at the hands of Jihadi militants. Investors were eying the US supplies data which may show that crude oil stockpiles in the US fell for a seventh straight week, signaling improving demand for the fuel in the world’s biggest fuel consumer. At the MCX, Crude Oil futures, for the August 2014 contract, is trading at Rs 5,991 per barrel, down by 0.33 per cent, after opening at Rs 6,005, against a previous close of Rs 6,011. It touched an intra-day low of Rs 5,986. (At 10:56 AM).
12/08/2014 11:13
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity amid a weak trend in the overseas market and speculations that the US airstrikes in Iraq may contain the militancy in the OPEC’s second biggest crude producer, easing supply concerns over the fuel. US planes and drone aircrafts continued to bomb militant hideouts in Iraq to stem the insurgency and help end the massacre of religious and ethnic minorities at the hands of Jihadi militants. Investors were eying the US supplies data which may show that crude oil stockpiles in the US fell for a seventh straight week, signaling improving demand for the fuel in the world’s biggest fuel consumer. At the MCX, Crude Oil futures, for the August 2014 contract, is trading at Rs 5,991 per barrel, down by 0.33 per cent, after opening at Rs 6,005, against a previous close of Rs 6,011. It touched an intra-day low of Rs 5,986. (At 10:56 AM).
