Crude oil weaker with US inventories, Yemen eyed
28/04/2015 12:29
Crude oil prices eased on Tuesday prior to the US industry supply data as well as continued concerns of a wider conflict in Yemen. The American Petroleum Institute reports crude, gasoline and distillate stockpiles for the end of last week later in the day, which will be followed on Wednesday by more closely-watched figures from the US Department of Energy. At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,586 per barrel, down by 0.69 per cent, after opening at Rs. 3,607 against the previous closing price of Rs. 3,611. It touched the intra-day low of Rs. 3,573 till the trading. (At 12.13 PM today). Prices fell in the midst of the escalation of fighting in Yemen between Saudi Arabia and Shiite-led Houthi rebels. Yemeni Foreign Minister Riyadh Yaseen rebuffed calls by former Yemen president Ali Abdullah Saleh, reiterating that the month-long conflict is far from being settled. Yemen is a minor exporter of crude, however, it is strategically located on the Bab el-Mandeb strait, one of the world's main chokepoints of oil.
28/04/2015 12:29
Crude oil prices eased on Tuesday prior to the US industry supply data as well as continued concerns of a wider conflict in Yemen. The American Petroleum Institute reports crude, gasoline and distillate stockpiles for the end of last week later in the day, which will be followed on Wednesday by more closely-watched figures from the US Department of Energy. At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,586 per barrel, down by 0.69 per cent, after opening at Rs. 3,607 against the previous closing price of Rs. 3,611. It touched the intra-day low of Rs. 3,573 till the trading. (At 12.13 PM today). Prices fell in the midst of the escalation of fighting in Yemen between Saudi Arabia and Shiite-led Houthi rebels. Yemeni Foreign Minister Riyadh Yaseen rebuffed calls by former Yemen president Ali Abdullah Saleh, reiterating that the month-long conflict is far from being settled. Yemen is a minor exporter of crude, however, it is strategically located on the Bab el-Mandeb strait, one of the world's main chokepoints of oil.
