Crude oil drops on weak buying interest
27/04/2015 11:53
Crude oil prices fell by 0.16 per cent on Monday at the domestic markets as traders remained on the sidelines and refrained from buying activity as they looked ahead at events in Yemen, US demand/supply plays and the strength of the US economic recovery.
Market players have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market.
At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,644 per barrel, down by 0.16 per cent, after opening at Rs. 3,642 against the previous closing price of Rs. 3,650. It touched the intra-day low of Rs. 3,637 till the trading. (At 11.51 AM today).
27/04/2015 11:53
Crude oil prices fell by 0.16 per cent on Monday at the domestic markets as traders remained on the sidelines and refrained from buying activity as they looked ahead at events in Yemen, US demand/supply plays and the strength of the US economic recovery.
Market players have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market.
At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,644 per barrel, down by 0.16 per cent, after opening at Rs. 3,642 against the previous closing price of Rs. 3,650. It touched the intra-day low of Rs. 3,637 till the trading. (At 11.51 AM today).
