Losses mount for struggling crude
19/11/2014 11:36
Crude oil futures fell in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity as speculation rose that the OPEC may resist calls from the group’s smaller members to cut its production target at a meeting later this month as larger members such as Saudi Arabia remain wary of a surge in US output amid a shale gas boom. Caution also persisted ahead of the release of the FOMC minutes in which the Fed may offer cues over the timing of raising interest rates for the first time since 2006. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,590 per barrel, down by 0.37 per cent, after opening at Rs 4,592, against a previous close of Rs 4,607. It touched an intra-day low of Rs 4,577. (At 11:16 AM).
19/11/2014 11:36
Crude oil futures fell in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity as speculation rose that the OPEC may resist calls from the group’s smaller members to cut its production target at a meeting later this month as larger members such as Saudi Arabia remain wary of a surge in US output amid a shale gas boom. Caution also persisted ahead of the release of the FOMC minutes in which the Fed may offer cues over the timing of raising interest rates for the first time since 2006. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,590 per barrel, down by 0.37 per cent, after opening at Rs 4,592, against a previous close of Rs 4,607. It touched an intra-day low of Rs 4,577. (At 11:16 AM).
