Crude Oil ends lower on sluggish demand
19/03/2015 09:34
Crude oil futures fell in the domestic market on Wednesday after US crude oil inventories rose more-than-expected last month, official data showed on Wednesday signaling weak demand in US which reduced the demand prospects for the fuel. In a report, Energy Information Administration said that US Crude Oil Inventories rose to a seasonally adjusted annual rate of 9.622M, from 4.512M in the preceding month. Sentiment weakened further after Property prices fell again in most major Chinese cities in February indicating weak sentiment in the region which further reduced the demand outlook for the fuel. New house prices declined in 66 of 70 large- and medium-sized cities surveyed, according to China’s National Bureau of Statistics (NBS). Crude oil may fall today on account of the recent EIA data which threatens to worsen a global supply glut. At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 2,666 per barrel, down by 3.37 per cent, after opening at Rs 2,752, against the previous close price of Rs 2,759. It touched an intraday low of Rs 2,643 till the closing.
19/03/2015 09:34
Crude oil futures fell in the domestic market on Wednesday after US crude oil inventories rose more-than-expected last month, official data showed on Wednesday signaling weak demand in US which reduced the demand prospects for the fuel. In a report, Energy Information Administration said that US Crude Oil Inventories rose to a seasonally adjusted annual rate of 9.622M, from 4.512M in the preceding month. Sentiment weakened further after Property prices fell again in most major Chinese cities in February indicating weak sentiment in the region which further reduced the demand outlook for the fuel. New house prices declined in 66 of 70 large- and medium-sized cities surveyed, according to China’s National Bureau of Statistics (NBS). Crude oil may fall today on account of the recent EIA data which threatens to worsen a global supply glut. At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 2,666 per barrel, down by 3.37 per cent, after opening at Rs 2,752, against the previous close price of Rs 2,759. It touched an intraday low of Rs 2,643 till the closing.
