Crude Oil ends lower on widening supply glut
03/12/2014 09:56
Crude oil futures fell in the domestic market on Tuesday in the midst of concerns over a widening supply glut in the global oil market with US pumping in oil at the fastest rate in three decades while OPEC refraining from cutting production. A slowdown in the global economy evident from flat manufacturing growth in China and the Euro area last month also clouded the demand outlook for the fuel. China’s manufacturing gauge slumped to the no-change 50 mark last month from 50.4 in October, while that in the Euro area fell to 50.1 from 50.6. Crude oil futures may fall today as investors continue to weigh a worsening supply glut amid a fading global economic recovery which may curb demand. At the MCX, Crude Oil futures, for the December 2014 contract, closed at Rs 4,207 per barrel, down by 1.50 per cent, after opening at Rs 4,250 against a previous close of Rs 4,271. It touched an intra-day low of Rs 4,154.
03/12/2014 09:56
Crude oil futures fell in the domestic market on Tuesday in the midst of concerns over a widening supply glut in the global oil market with US pumping in oil at the fastest rate in three decades while OPEC refraining from cutting production. A slowdown in the global economy evident from flat manufacturing growth in China and the Euro area last month also clouded the demand outlook for the fuel. China’s manufacturing gauge slumped to the no-change 50 mark last month from 50.4 in October, while that in the Euro area fell to 50.1 from 50.6. Crude oil futures may fall today as investors continue to weigh a worsening supply glut amid a fading global economic recovery which may curb demand. At the MCX, Crude Oil futures, for the December 2014 contract, closed at Rs 4,207 per barrel, down by 1.50 per cent, after opening at Rs 4,250 against a previous close of Rs 4,271. It touched an intra-day low of Rs 4,154.
