Oil remains in bear grip
01/12/2014 11:37
Crude oil futures tumbled in the domestic market on Monday as investors and speculators continued to weigh the fastest pace of US oil production in three decades and adequate OPEC supplies against weakening global demand. Further, consumer spending in the US over the holiday weekend plunged 11 per cent, signaling a weak demand outlook for the fuel. Spending fell to USD 50.9 billion over the past four days, down from USD 57.4 billion in last year’s Black Friday weekend. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,034 per barrel, down by 4.18 per cent, after opening at Rs 4,185, against a previous close of Rs 4,210. It touched an intra-day low of Rs 4,014. (At 11:20 AM).
01/12/2014 11:37
Crude oil futures tumbled in the domestic market on Monday as investors and speculators continued to weigh the fastest pace of US oil production in three decades and adequate OPEC supplies against weakening global demand. Further, consumer spending in the US over the holiday weekend plunged 11 per cent, signaling a weak demand outlook for the fuel. Spending fell to USD 50.9 billion over the past four days, down from USD 57.4 billion in last year’s Black Friday weekend. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,034 per barrel, down by 4.18 per cent, after opening at Rs 4,185, against a previous close of Rs 4,210. It touched an intra-day low of Rs 4,014. (At 11:20 AM).
