Oil slump deepens on supply glut
14/11/2014 11:36
Crude oil futures tumbled in the domestic market on Friday as investors and speculators exited positions in the energy commodity amid signs of a supply glut due to the OPEC’s reluctance to slash production despite a slump in prices, while US production surged to record highs. The EIA reported that production in the US rose by 91,000 barrels per day to a record 9.063 million barrels per day in the week ended November 7, 2014. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,556 per barrel, down by 1.83 per cent, after opening at Rs 4,625, against a previous close of Rs 4,641. It touched an intra-day low of Rs 4,554. (At 11:19 AM).
14/11/2014 11:36
Crude oil futures tumbled in the domestic market on Friday as investors and speculators exited positions in the energy commodity amid signs of a supply glut due to the OPEC’s reluctance to slash production despite a slump in prices, while US production surged to record highs. The EIA reported that production in the US rose by 91,000 barrels per day to a record 9.063 million barrels per day in the week ended November 7, 2014. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,556 per barrel, down by 1.83 per cent, after opening at Rs 4,625, against a previous close of Rs 4,641. It touched an intra-day low of Rs 4,554. (At 11:19 AM).
