Rising US supplies drag down Oil
20/11/2014 11:35
Crude oil futures fell in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as a surge in US supplies signaled concerns over a global supply glut even as OPEC meets later this month to review production target levels.
US crude oil stockpiles climbed 2.6 million barrels to 381.1 million barrels in the week ended November 14, the EIA said.
Further, China’s factory index hit a six-month low of 50 in November, signaling stalled manufacturing activity, darkening the demand outlook for the fuel.
At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,657 per barrel, down by 0.56 per cent, after opening at Rs 4,662, against a previous close of Rs 4,683. It touched an intra-day low of Rs 4,656. (At 11:18 AM).
20/11/2014 11:35
Crude oil futures fell in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as a surge in US supplies signaled concerns over a global supply glut even as OPEC meets later this month to review production target levels.
US crude oil stockpiles climbed 2.6 million barrels to 381.1 million barrels in the week ended November 14, the EIA said.
Further, China’s factory index hit a six-month low of 50 in November, signaling stalled manufacturing activity, darkening the demand outlook for the fuel.
At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,657 per barrel, down by 0.56 per cent, after opening at Rs 4,662, against a previous close of Rs 4,683. It touched an intra-day low of Rs 4,656. (At 11:18 AM).
