Crude Oil ends lower on weak global cues
11/12/2014 09:32
Crude oil futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after Iran predicted a further dip in prices amid discord among OPEC members. An Iranian official said that crude may fall to as low as USD 40 per barrel due to a price war or divisions in the OPEC. Major OPEC members such as Saudi Arabia and Iraq have cut prices for its Asian buyers to the lowest level in over a decade as they bid to maintain their market share amid surging US crude output. Sentiment weakened further after Japan’s core machinery orders fell more-than-expected last month signaling weak sentiment in the region which reduced the demand outlook for the fuel. Economic and Social Research Institute said that Japan’s Core Machinery Orders fell to -6.4 per cent, from 2.9 per cent in the preceding month. Crude oil futures may fall today as Iran predicted a further slump in prices amid a price war by OPEC. At the MCX, Crude Oil futures, for the December 2014 contract, closed at Rs 3,814 per barrel, down by 3.27 per cent, after opening at Rs 3,915, against a previous close of Rs 3,943. It touched an intra-day low of Rs 3,772.
11/12/2014 09:32
Crude oil futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after Iran predicted a further dip in prices amid discord among OPEC members. An Iranian official said that crude may fall to as low as USD 40 per barrel due to a price war or divisions in the OPEC. Major OPEC members such as Saudi Arabia and Iraq have cut prices for its Asian buyers to the lowest level in over a decade as they bid to maintain their market share amid surging US crude output. Sentiment weakened further after Japan’s core machinery orders fell more-than-expected last month signaling weak sentiment in the region which reduced the demand outlook for the fuel. Economic and Social Research Institute said that Japan’s Core Machinery Orders fell to -6.4 per cent, from 2.9 per cent in the preceding month. Crude oil futures may fall today as Iran predicted a further slump in prices amid a price war by OPEC. At the MCX, Crude Oil futures, for the December 2014 contract, closed at Rs 3,814 per barrel, down by 3.27 per cent, after opening at Rs 3,915, against a previous close of Rs 3,943. It touched an intra-day low of Rs 3,772.
