Oil extends losses on OPEC
28/11/2014 11:20
Crude oil futures tumbled deeper into the bear terrain on Friday as investors restored to further selling in the energy commodity, after the OPEC, which refrained from a much needed production cut to relieve a supply glut, braced for a price war with US shale producers. OPEC will maintain its collective output target at 30 million barrels a day, Saudi Arabia’s Oil Minister Ali-Al-Naimi said. Goldman Sachs predicted that OPEC’s verdict of not cutting output will lead to a further decline in global oil prices. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,268 per barrel, down by 0.54 per cent, after opening at Rs 4,250, against a previous close of Rs 4,291. It touched an intra-day low of Rs 4,247. (At 11:03 AM).
28/11/2014 11:20
Crude oil futures tumbled deeper into the bear terrain on Friday as investors restored to further selling in the energy commodity, after the OPEC, which refrained from a much needed production cut to relieve a supply glut, braced for a price war with US shale producers. OPEC will maintain its collective output target at 30 million barrels a day, Saudi Arabia’s Oil Minister Ali-Al-Naimi said. Goldman Sachs predicted that OPEC’s verdict of not cutting output will lead to a further decline in global oil prices. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,268 per barrel, down by 0.54 per cent, after opening at Rs 4,250, against a previous close of Rs 4,291. It touched an intra-day low of Rs 4,247. (At 11:03 AM).
