US supply bets drag down Oil
11/11/2014 11:42
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid bets that US crude supplies rose for the sixth straight week, signaling weaker demand for the fuel in the world’s biggest oil user. US crude stockpiles may have risen by 1 million barrels in the week ended November 7, 2014, the EIA may say tomorrow. Meanwhile, the OPEC is unlikely to cut output when it meets in Vienna this month. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,756 per barrel, down by 0.56 per cent, after opening at Rs 4,761, against a previous close of Rs 4,783. It touched an intra-day low of Rs 4,745. (At 11:25 AM).
11/11/2014 11:42
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid bets that US crude supplies rose for the sixth straight week, signaling weaker demand for the fuel in the world’s biggest oil user. US crude stockpiles may have risen by 1 million barrels in the week ended November 7, 2014, the EIA may say tomorrow. Meanwhile, the OPEC is unlikely to cut output when it meets in Vienna this month. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,756 per barrel, down by 0.56 per cent, after opening at Rs 4,761, against a previous close of Rs 4,783. It touched an intra-day low of Rs 4,745. (At 11:25 AM).
