Profit booking drags down Oil amid Middle East tensions
27/03/2015 12:24
Crude oil futures tumbled in the domestic market on Friday as investors and speculators booked profits in the energy commodity after a surge in prices in recent sessions as bombing by Saudi Arabia and its allies against Shiite rebel targets in Yemen sparked fears over disruptions of oil supplies from the Middle East.
China’s industrial profits fell by 4.2 per cent in the first two months of 2015 from the same period a year ago, signaling weakness in the world’s second biggest economy, darkening the demand outlook for the fuel.
At the MCX, Crude oil futures, for the April 2015 contract, is trading at Rs 3,187 per barrel, down by 2.03 per cent, after opening at Rs 3,214, against the previous close price of Rs 3,253. It touched an intraday low of Rs 3,176. (At 11:57 AM).
27/03/2015 12:24
Crude oil futures tumbled in the domestic market on Friday as investors and speculators booked profits in the energy commodity after a surge in prices in recent sessions as bombing by Saudi Arabia and its allies against Shiite rebel targets in Yemen sparked fears over disruptions of oil supplies from the Middle East.
China’s industrial profits fell by 4.2 per cent in the first two months of 2015 from the same period a year ago, signaling weakness in the world’s second biggest economy, darkening the demand outlook for the fuel.
At the MCX, Crude oil futures, for the April 2015 contract, is trading at Rs 3,187 per barrel, down by 2.03 per cent, after opening at Rs 3,214, against the previous close price of Rs 3,253. It touched an intraday low of Rs 3,176. (At 11:57 AM).
