Crude oil drops on supply glut
09/01/2015 12:52
Crude oil prices fell by 0.65 per cent on Friday at the domestic markets with key producers showing no signs of cutting output in the face of a global supply glut. Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices even as demand slows globally.
Meanwhile, annual consumer inflation in China remained near the lowest in five years, signaling persistent weakness in the world's largest energy consumer.
At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,075 per barrel, up by 0.65 per cent, after opening at Rs. 3,075 against the previous closing price of Rs. 3,055. It touched the intra-day high of Rs. 3,093 till the trading. (At 12.15 PM today).
09/01/2015 12:52
Crude oil prices fell by 0.65 per cent on Friday at the domestic markets with key producers showing no signs of cutting output in the face of a global supply glut. Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices even as demand slows globally.
Meanwhile, annual consumer inflation in China remained near the lowest in five years, signaling persistent weakness in the world's largest energy consumer.
At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,075 per barrel, up by 0.65 per cent, after opening at Rs. 3,075 against the previous closing price of Rs. 3,055. It touched the intra-day high of Rs. 3,093 till the trading. (At 12.15 PM today).
