No respite for struggling Oil
16/12/2014 11:30
Crude oil futures tumbled in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market amid speculation that US producers may take the fight to the OPEC by increasing output to battle for market share, raising concerns over a supply glut.
HSBC said that its China manufacturing gauge fell to 49.5 in December from a no-change mark of 50 in the previous month, signaling contraction in manufacturing over the previous month, clouding the demand outlook for the fuel.
At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,543 per barrel, down by 1.53 per cent, after opening at Rs 3,571, against a previous close of Rs 3,598. It touched an intra-day low of Rs 3,526. (At 11:13 AM).
16/12/2014 11:30
Crude oil futures tumbled in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market amid speculation that US producers may take the fight to the OPEC by increasing output to battle for market share, raising concerns over a supply glut.
HSBC said that its China manufacturing gauge fell to 49.5 in December from a no-change mark of 50 in the previous month, signaling contraction in manufacturing over the previous month, clouding the demand outlook for the fuel.
At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,543 per barrel, down by 1.53 per cent, after opening at Rs 3,571, against a previous close of Rs 3,598. It touched an intra-day low of Rs 3,526. (At 11:13 AM).
