Oil extends slump on deeper OPEC discounts
09/12/2014 11:41
Crude oil futures tumbled in the domestic market on Tuesday as deeper OPEC discounts signaled that the cartel which accounts for about 40 per cent of global oil supplies, is taking the fight to US shale producers as it aims to maintain market share amid surging US production. Iraq’s Oil Marketing Co. cut the cost for its Basrah Light to Asia at USD 4 a barrel, the lowest price in at least 11 years, and below the average of Middle East benchmark Oman and Dubai grades. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,887 per barrel, down by 1.17 per cent, after opening at Rs 3,920, against a previous close of Rs 3,933. It touched an intra-day low of Rs 3,874. (At 11:28 AM).
09/12/2014 11:41
Crude oil futures tumbled in the domestic market on Tuesday as deeper OPEC discounts signaled that the cartel which accounts for about 40 per cent of global oil supplies, is taking the fight to US shale producers as it aims to maintain market share amid surging US production. Iraq’s Oil Marketing Co. cut the cost for its Basrah Light to Asia at USD 4 a barrel, the lowest price in at least 11 years, and below the average of Middle East benchmark Oman and Dubai grades. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,887 per barrel, down by 1.17 per cent, after opening at Rs 3,920, against a previous close of Rs 3,933. It touched an intra-day low of Rs 3,874. (At 11:28 AM).
