Oil renews slide ahead of US rig count data
10/04/2015 12:06
Crude oil futures plummeted in the domestic market on Friday as investors and speculators exited positions in the energy commodity amid caution ahead of the weekly US rig count data which may dictate the oil production trend in the world’s biggest fuel consumer.
While US oil drilling count has fallen for seventeen weeks on the trot, production has continued to expand to fresh highs.
An uptick in US jobless claims last week added to evidence of a faltering labour market recovery in the world’s biggest economy, exacerbating a sell-off in oil.
At the MCX, crude oil futures for April 2015 contract were trading at Rs. 3,170 per barrel, down by 1.40 per cent, after opening at Rs. 3,183, against the previous closing price of Rs. 3,215. It touched the intra-day low of Rs. 3,168 till the trading. (At 11:34 AM today).
10/04/2015 12:06
Crude oil futures plummeted in the domestic market on Friday as investors and speculators exited positions in the energy commodity amid caution ahead of the weekly US rig count data which may dictate the oil production trend in the world’s biggest fuel consumer.
While US oil drilling count has fallen for seventeen weeks on the trot, production has continued to expand to fresh highs.
An uptick in US jobless claims last week added to evidence of a faltering labour market recovery in the world’s biggest economy, exacerbating a sell-off in oil.
At the MCX, crude oil futures for April 2015 contract were trading at Rs. 3,170 per barrel, down by 1.40 per cent, after opening at Rs. 3,183, against the previous closing price of Rs. 3,215. It touched the intra-day low of Rs. 3,168 till the trading. (At 11:34 AM today).
