Gloomy global demand outlook weighs on Oil
18/11/2014 11:40
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as investors weighed the possibility of a cut in OPEC production target at its upcoming November 27 meet at Vienna against a gloomy global demand outlook amid a deepening slowdown in China, muted growth in Europe and a recession in Japan. China’s new home prices fell in all but one city tracked by a government survey, in October while Japan entered a technical recession last quarter and US industrial output unexpectedly fell, dimming the demand outlook for the fuel. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,650 per barrel, down by 0.13 per cent, after opening at Rs 4,666, against a previous close of Rs 4,656. It touched an intra-day low of Rs 4,648. (At 11:16 AM).
18/11/2014 11:40
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as investors weighed the possibility of a cut in OPEC production target at its upcoming November 27 meet at Vienna against a gloomy global demand outlook amid a deepening slowdown in China, muted growth in Europe and a recession in Japan. China’s new home prices fell in all but one city tracked by a government survey, in October while Japan entered a technical recession last quarter and US industrial output unexpectedly fell, dimming the demand outlook for the fuel. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,650 per barrel, down by 0.13 per cent, after opening at Rs 4,666, against a previous close of Rs 4,656. It touched an intra-day low of Rs 4,648. (At 11:16 AM).
