OPEC speculation weighs on Oil
25/11/2014 11:44
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity amid speculation that the OPEC, which will meet on Thursday at Vienna, may ask three members of the group including Iran, Iraq and Libya to refrain from production cuts, raising concerns over abundant supplies. A slowdown in US services activity in November signaled a cooling recovery in the world’s biggest economy, clouding the demand outlook for the fuel. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,716 per barrel, down by 0.76 per cent, after opening at Rs 4,739, against a previous close of Rs 4,752. It touched an intra-day low of Rs 4,711. (At 11:20 AM).
25/11/2014 11:44
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity amid speculation that the OPEC, which will meet on Thursday at Vienna, may ask three members of the group including Iran, Iraq and Libya to refrain from production cuts, raising concerns over abundant supplies. A slowdown in US services activity in November signaled a cooling recovery in the world’s biggest economy, clouding the demand outlook for the fuel. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,716 per barrel, down by 0.76 per cent, after opening at Rs 4,739, against a previous close of Rs 4,752. It touched an intra-day low of Rs 4,711. (At 11:20 AM).
