Crude oil dips on rising inventories
05/02/2015 12:11
Crude oil prices fell by 3.46 per cent on Thursday at the domestic markets as a result of as record high oil inventories in the United States. U.S. crude stocks increased by 6.3 million barrels last week, rising for the fourth consecutive week to hit a record high of 413.06 million barrels, data from the Energy Information Administration showed. Abu Dhabi which holds nearly 6 per cent of world’s oil reduced export prices for its crude for the seventh straight month to the lowest level since 2009. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,958 per barrel, down by 3.46 per cent, after opening at Rs. 3,045 against the previous closing price of Rs. 3,064. It touched the intra-day low of Rs. 2,945 till the trading. (At 11.56 AM today).
05/02/2015 12:11
Crude oil prices fell by 3.46 per cent on Thursday at the domestic markets as a result of as record high oil inventories in the United States. U.S. crude stocks increased by 6.3 million barrels last week, rising for the fourth consecutive week to hit a record high of 413.06 million barrels, data from the Energy Information Administration showed. Abu Dhabi which holds nearly 6 per cent of world’s oil reduced export prices for its crude for the seventh straight month to the lowest level since 2009. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,958 per barrel, down by 3.46 per cent, after opening at Rs. 3,045 against the previous closing price of Rs. 3,064. It touched the intra-day low of Rs. 2,945 till the trading. (At 11.56 AM today).
