Crude oil falls on rise in supplies
05/01/2015 12:14
Crude oil prices fell by 2.68 per cent on Monday at the domestic markets as worries about a surplus of global supplies amid weak demand continued to drag on oil markets. OPEC's decision in November to maintain output had earlier accelerated oil's losses, while record-high Russian production and the highest Iraqi exports since 1980 added to the concerns about oversupply. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,300 per barrel, down by 2.68 per cent, after opening at Rs. 3,380 against the previous closing price of Rs. 3,391. It touched the intra-day low of Rs. 3,287 till the trading. (At 12.10 PM today).
Sentiment weakened further after research group Markit said the euro zone’s manufacturing PMI fell to 50.6, from 50.8 in the preceding month signaling weak manufacturing activity in the region which reduced the demand prospects for the fuel.
05/01/2015 12:14
Crude oil prices fell by 2.68 per cent on Monday at the domestic markets as worries about a surplus of global supplies amid weak demand continued to drag on oil markets. OPEC's decision in November to maintain output had earlier accelerated oil's losses, while record-high Russian production and the highest Iraqi exports since 1980 added to the concerns about oversupply. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,300 per barrel, down by 2.68 per cent, after opening at Rs. 3,380 against the previous closing price of Rs. 3,391. It touched the intra-day low of Rs. 3,287 till the trading. (At 12.10 PM today).
Sentiment weakened further after research group Markit said the euro zone’s manufacturing PMI fell to 50.6, from 50.8 in the preceding month signaling weak manufacturing activity in the region which reduced the demand prospects for the fuel.
