Oil extends losses on supply glut
05/12/2014 11:14
Crude oil futures fell in the domestic market on Friday as investors and speculators weighed a widening supply glut against improving US demand outlook. . Saudi Arabia’s national oil company cut prices for its Asian buyers to the least in atleast 14 years. However, an improving US job market supported the demand outlook for the fuel, curbing losses in crude oil futures. While jobless claims fell by 17,000 last week, data today may show that the world’s biggest economy added more than 200,000 jobs for the tenth straight month in November. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,122 per barrel, down by 0.34 per cent, after opening at Rs 4,131, against a previous close of Rs 4,136. It touched an intra-day low of Rs 4,116. (At 10:56 AM).
05/12/2014 11:14
Crude oil futures fell in the domestic market on Friday as investors and speculators weighed a widening supply glut against improving US demand outlook. . Saudi Arabia’s national oil company cut prices for its Asian buyers to the least in atleast 14 years. However, an improving US job market supported the demand outlook for the fuel, curbing losses in crude oil futures. While jobless claims fell by 17,000 last week, data today may show that the world’s biggest economy added more than 200,000 jobs for the tenth straight month in November. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,122 per barrel, down by 0.34 per cent, after opening at Rs 4,131, against a previous close of Rs 4,136. It touched an intra-day low of Rs 4,116. (At 10:56 AM).
