Slim losses for Oil ahead of supplies data
21/10/2014 11:01
Crude oil futures were trading tad lower in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the energy commodity ahead of data which may show that US crude supplies rose last week, signaling weak demand for the fuel in the world’s biggest oil consumer. US crude oil stockpiles likely climbed 3 million barrels last week, the EIA may say tomorrow. Meanwhile, China’s economy grew at the slowest pace since Q1 2009 at 7.3 per cent, year on year last quarter, clouding the demand outlook for the fuel. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 5,056 per barrel, unchanged, after opening at Rs 5,057, against a previous close of Rs 5,056. It touched an intra-day low of Rs 5,054. (At 10:44 AM).
21/10/2014 11:01
Crude oil futures were trading tad lower in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the energy commodity ahead of data which may show that US crude supplies rose last week, signaling weak demand for the fuel in the world’s biggest oil consumer. US crude oil stockpiles likely climbed 3 million barrels last week, the EIA may say tomorrow. Meanwhile, China’s economy grew at the slowest pace since Q1 2009 at 7.3 per cent, year on year last quarter, clouding the demand outlook for the fuel. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 5,056 per barrel, unchanged, after opening at Rs 5,057, against a previous close of Rs 5,056. It touched an intra-day low of Rs 5,054. (At 10:44 AM).
