OPEC cut bets boost Crude oil
18/11/2014 09:21
Crude oil futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity amid rising speculation that the Organisation for Petroleum Exporting Countries (OPEC), which accounts for about 40 per cent of global supplies is preparing to slash production at its upcoming meet in Vienna on November 27.
While Iran’s oil minister is preparing to visit the UAE this week, Venezuela, an OPEC member met with Russia to carve out ways to support oil prices.
However, an unexpected drop in US industrial output in October and Japan’s return to a recession clouded the demand outlook for the fuel, curbing gains in crude oil futures.
US industrial output fell 0.1 per cent in October from the previous month, when it rose a downwardly revised 0.8 per cent. Japan’s economy shrank an annualized 1.6 per cent in the July-September 2014 period, after a contraction in the previous quarter as a sales tax hike hit consumption.
Crude oil futures may fall today amid concerns over weakening global demand.
At the MCX, Crude Oil futures, for the November 2014 contract, closed at Rs 4,765 per barrel, up by 0.63 per cent, after opening at Rs 4,765, against a previous close of Rs 4,735. It touched an intra-day high of Rs 4,765
18/11/2014 09:21
Crude oil futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity amid rising speculation that the Organisation for Petroleum Exporting Countries (OPEC), which accounts for about 40 per cent of global supplies is preparing to slash production at its upcoming meet in Vienna on November 27.
While Iran’s oil minister is preparing to visit the UAE this week, Venezuela, an OPEC member met with Russia to carve out ways to support oil prices.
However, an unexpected drop in US industrial output in October and Japan’s return to a recession clouded the demand outlook for the fuel, curbing gains in crude oil futures.
US industrial output fell 0.1 per cent in October from the previous month, when it rose a downwardly revised 0.8 per cent. Japan’s economy shrank an annualized 1.6 per cent in the July-September 2014 period, after a contraction in the previous quarter as a sales tax hike hit consumption.
Crude oil futures may fall today amid concerns over weakening global demand.
At the MCX, Crude Oil futures, for the November 2014 contract, closed at Rs 4,765 per barrel, up by 0.63 per cent, after opening at Rs 4,765, against a previous close of Rs 4,735. It touched an intra-day high of Rs 4,765
