Bear returns as oil plunges
18/12/2014 11:49
Crude oil futures slumped in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market after Iran pledged to retain market share, joining its OPEC peers who have cut prices to maintain market position amidst surging US output. US crude output rose for the fourth week on the trot, rising to 9.14 million barrels per day in the week ended December 12, the EIA said. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,569 per barrel, down by 2.81per cent, after opening at Rs 3,655, against a previous close of Rs 3,672. It touched an intra-day low of Rs 3,557. (At 11:33 AM).
18/12/2014 11:49
Crude oil futures slumped in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market after Iran pledged to retain market share, joining its OPEC peers who have cut prices to maintain market position amidst surging US output. US crude output rose for the fourth week on the trot, rising to 9.14 million barrels per day in the week ended December 12, the EIA said. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,569 per barrel, down by 2.81per cent, after opening at Rs 3,655, against a previous close of Rs 3,672. It touched an intra-day low of Rs 3,557. (At 11:33 AM).
