Oil slips on ample supply; Iran in focus
30/03/2015 09:47
Crude oil futures plunged in the domestic market on Friday as investors and speculators exited positions in the energy commodity amid speculation that Saudi Arabia’s air strikes in Yemen may not have a major impact on global crude supplies at a time when US is pumping oil at the fastest clip in over three decades.
Meanwhile, US oil rig count fell by the least in 15 weeks, down by 12 to 813 last week, a sign that the drilling slowdown amid a price slump is tapering.
Meanwhile, Iran and Western diplomats are moving towards a nuclear accord that may ease sanctions on the oil-rich Islamic nation, flooding markets with more oil.
US fourth quarter GDP growth stayed at 2.2 per cent annualized pace, down from 5 per cent in Q3.
Consumer sentiment in the US fell in March, signaling a slowdown in the world’s biggest economy, darkening the demand outlook for the fuel. The gauge measuring US consumer sentiment fell to 93 in March from 95.4 in February.
Oil may extend a decline today as a stronger dollar dampens demand for the fuel as an alternative asset, while investors eye the outcome of Iran nuclear talks.
At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,628 per barrel, down by 1.52 per cent, after opening at Rs 3,610, against the previous close price of Rs 3,684. It touched an intraday low of Rs 3,610 till the closing.
30/03/2015 09:47
Crude oil futures plunged in the domestic market on Friday as investors and speculators exited positions in the energy commodity amid speculation that Saudi Arabia’s air strikes in Yemen may not have a major impact on global crude supplies at a time when US is pumping oil at the fastest clip in over three decades.
Meanwhile, US oil rig count fell by the least in 15 weeks, down by 12 to 813 last week, a sign that the drilling slowdown amid a price slump is tapering.
Meanwhile, Iran and Western diplomats are moving towards a nuclear accord that may ease sanctions on the oil-rich Islamic nation, flooding markets with more oil.
US fourth quarter GDP growth stayed at 2.2 per cent annualized pace, down from 5 per cent in Q3.
Consumer sentiment in the US fell in March, signaling a slowdown in the world’s biggest economy, darkening the demand outlook for the fuel. The gauge measuring US consumer sentiment fell to 93 in March from 95.4 in February.
Oil may extend a decline today as a stronger dollar dampens demand for the fuel as an alternative asset, while investors eye the outcome of Iran nuclear talks.
At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,628 per barrel, down by 1.52 per cent, after opening at Rs 3,610, against the previous close price of Rs 3,684. It touched an intraday low of Rs 3,610 till the closing.
