Crude oil futures slide on uncertain US demand outlook
05/08/2016 14:23
Crude oil futures were trading lower during the afternoon trade in the domestic market on Friday as participants exited positions in the energy commodity as traders weighed disappointing US data which showed a rise in US jobless claims and a drop in factory orders, signaling a slowdown in the world’s biggest economy that may cap fuel demand.
The number of Americans who filed applications to seek jobless benefits climbed by 3,000 to 269,000 last week while factory orders fell for a second straight month, down by 1.5 per cent in June.
At the MCX, Crude oil futures for August 2016 contract is trading at Rs 2,796 per barrel, down by 0.50 per cent, after opening at Rs 2,805, against a previous close of Rs 2,810. It touched the intra-day low of Rs 2,777 (at 14:21 hours).
05/08/2016 14:23
The number of Americans who filed applications to seek jobless benefits climbed by 3,000 to 269,000 last week while factory orders fell for a second straight month, down by 1.5 per cent in June.
At the MCX, Crude oil futures for August 2016 contract is trading at Rs 2,796 per barrel, down by 0.50 per cent, after opening at Rs 2,805, against a previous close of Rs 2,810. It touched the intra-day low of Rs 2,777 (at 14:21 hours).
