Crude Oil ends lower on sluggish demand
12/01/2015 09:18
Crude oil futures closed lower in the domestic market on Friday as a glut in global supplies continued to dominate market sentiment. Oil futures weakened further after data on Wednesday showed that oil supplies in the U.S. fell unexpectedly last week. The commodity has been under broad selling pressure since the Organization of Petroleum Exporting Countries decided in November to maintain its output target at 30 million barrels a day. Sentiment weakened further after Destatis said that German Industrial Production fell to a seasonally adjusted annual rate of -0.1 per cent, from 0.6 per cent in the preceding month whose figure was revised up from 0.2 per cent signaling a weak sentiment in the region which reduced the demand outlook for the fuel. Oil may advance today amid speculation that a slowdown in the US shale boom will reduce a supply glut. At the MCX, Crude oil futures, for the January 2015 contract, closed at Rs 2,983 per barrel, down by 2.36 per cent, after opening at Rs 3,075, against the previous close price of Rs 3,055. It touched an intraday low of Rs 2,945 till the closing.
12/01/2015 09:18
Crude oil futures closed lower in the domestic market on Friday as a glut in global supplies continued to dominate market sentiment. Oil futures weakened further after data on Wednesday showed that oil supplies in the U.S. fell unexpectedly last week. The commodity has been under broad selling pressure since the Organization of Petroleum Exporting Countries decided in November to maintain its output target at 30 million barrels a day. Sentiment weakened further after Destatis said that German Industrial Production fell to a seasonally adjusted annual rate of -0.1 per cent, from 0.6 per cent in the preceding month whose figure was revised up from 0.2 per cent signaling a weak sentiment in the region which reduced the demand outlook for the fuel. Oil may advance today amid speculation that a slowdown in the US shale boom will reduce a supply glut. At the MCX, Crude oil futures, for the January 2015 contract, closed at Rs 2,983 per barrel, down by 2.36 per cent, after opening at Rs 3,075, against the previous close price of Rs 3,055. It touched an intraday low of Rs 2,945 till the closing.
