Oil remains in bear market
12/11/2014 11:35
Crude oil futures were trading marginally lower in the domestic market on Wednesday as investors and speculators stayed cautious of booking fresh positions in the energy commodity ahead of US supplies data which may show that stockpiles of oil rose for the sixth week on the trot, signaling weakening demand for the fuel in the world’s biggest fuel consumer. Further, bets that the OPEC may not slash its production target at its November 27 meet in Vienna raised concerns of oversupplies in the global crude oil market. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,772 per barrel, down by 0.02 per cent, after opening at Rs 4,770, against a previous close of Rs 4,773. It touched an intra-day low of Rs 4,767. (At 11:14 AM).
12/11/2014 11:35
Crude oil futures were trading marginally lower in the domestic market on Wednesday as investors and speculators stayed cautious of booking fresh positions in the energy commodity ahead of US supplies data which may show that stockpiles of oil rose for the sixth week on the trot, signaling weakening demand for the fuel in the world’s biggest fuel consumer. Further, bets that the OPEC may not slash its production target at its November 27 meet in Vienna raised concerns of oversupplies in the global crude oil market. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,772 per barrel, down by 0.02 per cent, after opening at Rs 4,770, against a previous close of Rs 4,773. It touched an intra-day low of Rs 4,767. (At 11:14 AM).
