Supply glut drag down Oil futures
13/10/2014 11:42
Crude oil futures tumbled in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as surging supplies coupled with a slowing global economy darkened the outlook for the fuel. Supplies from OPEC surged the most since November 2011 since September 2014 while US oil output rose to the highest level since 1986 while fears of a recession in the Euro area have signaled a bleak demand outlook for the fuel. At the MCX, Crude Oil futures, for the October 2014 contract, is trading at Rs 5,192 per barrel, down by 1.74 per cent, after opening at Rs 5,278, against a previous close of Rs 5,284. It touched an intra-day low of Rs 5,183. (At 11:18 AM).
13/10/2014 11:42
Crude oil futures tumbled in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as surging supplies coupled with a slowing global economy darkened the outlook for the fuel. Supplies from OPEC surged the most since November 2011 since September 2014 while US oil output rose to the highest level since 1986 while fears of a recession in the Euro area have signaled a bleak demand outlook for the fuel. At the MCX, Crude Oil futures, for the October 2014 contract, is trading at Rs 5,192 per barrel, down by 1.74 per cent, after opening at Rs 5,278, against a previous close of Rs 5,284. It touched an intra-day low of Rs 5,183. (At 11:18 AM).
