Crude oil dips on weak global cues
07/01/2015 12:18
Crude oil prices fell by 1.69 per cent on Wednesday at the domestic markets in spite of upbeat U.S. industry supply data as the bearish market tone on overall demand prospects continues. Prices fell as investors piled on to their short positions in anticipation of lower prices in the midst of lingering concerns over a growing supply glut.
At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,017 per barrel, down by 1.69 per cent, after opening at Rs. 3,053 against the previous closing price of Rs. 3,069. It touched the intra-day low of Rs. 3,011 till the trading. (At 12.13 PM today). Losses were limited after the American Petroleum Institute reported that crude stocks dropped 4 million barrels last week signaling that the demand for the commodity in US is strong.
07/01/2015 12:18
Crude oil prices fell by 1.69 per cent on Wednesday at the domestic markets in spite of upbeat U.S. industry supply data as the bearish market tone on overall demand prospects continues. Prices fell as investors piled on to their short positions in anticipation of lower prices in the midst of lingering concerns over a growing supply glut.
At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,017 per barrel, down by 1.69 per cent, after opening at Rs. 3,053 against the previous closing price of Rs. 3,069. It touched the intra-day low of Rs. 3,011 till the trading. (At 12.13 PM today). Losses were limited after the American Petroleum Institute reported that crude stocks dropped 4 million barrels last week signaling that the demand for the commodity in US is strong.
