Oil bears return on renewed glut fears
23/08/2016 10:24
Crude oil futures sank almost 2 per cent during morning trade in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity amid worries over higher global crude production, exacerbating fears over a supply glut. Optimism over an agreement between major oil producers to freeze output at a meeting in September waned while the market is sweating on higher potential production from Iraq and Nigeria. At the MCX, Crude oil futures for September 2016 contract is trading at Rs 3,152 per barrel, down by 1.87 per cent, after opening at Rs 3,201, against a previous close of Rs 3,212. It touched the intra-day low of Rs 3,152. (At 10:18 AM).
23/08/2016 10:24
