No stopping Oil rout
24/02/2015 11:56
Crude oil futures plunged in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity as US crude oil stockpiles hit a record high last week, worsening a global supply glut. EIA data may show on Wednesday that US crude oil stockpiles rose by 3.75 million barrels last week, expanding further from a record high 425.6 million barrels in the prior week with production at the highest level in three decades. Meanwhile, an OPEC official allegedly ruled out an emergency meeting of the cartel as the group refrains from policy action despite tumbling prices that are hurting some of its producers badly such as Venezuela while the group’s larger members such as Saudi Arabia battle to retain market share amid a US shale boom. At the MCX, Crude oil futures, for the March 2015 contract, is trading at Rs 3,086 per barrel, down by 0.32 per cent, after opening at Rs 3,103, against the previous close price of Rs 3,096. It touched an intraday low of Rs 3,082 till the closing. (At 11:29 AM).
24/02/2015 11:56
Crude oil futures plunged in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity as US crude oil stockpiles hit a record high last week, worsening a global supply glut. EIA data may show on Wednesday that US crude oil stockpiles rose by 3.75 million barrels last week, expanding further from a record high 425.6 million barrels in the prior week with production at the highest level in three decades. Meanwhile, an OPEC official allegedly ruled out an emergency meeting of the cartel as the group refrains from policy action despite tumbling prices that are hurting some of its producers badly such as Venezuela while the group’s larger members such as Saudi Arabia battle to retain market share amid a US shale boom. At the MCX, Crude oil futures, for the March 2015 contract, is trading at Rs 3,086 per barrel, down by 0.32 per cent, after opening at Rs 3,103, against the previous close price of Rs 3,096. It touched an intraday low of Rs 3,082 till the closing. (At 11:29 AM).
