Crude oil futures dip amid easing supply fears
24/06/2014 11:21
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity amid easing fears that the unrest in Iraq may not spread into the country’s southern region which accounts for nearly three-fourth of the oil production of the OPEC’s second biggest oil producer. Investors are eying the US consumer confidence and home sales data to be released later today which may offer further cues over the health of the world’s biggest economy. At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,388 per barrel, down by 0.27 per cent, after opening at Rs 6,387, against a previous close of Rs 6,405. It touched an intra-day low of Rs 6,375. (At 10:59AM).
24/06/2014 11:21
Crude oil futures fell in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity amid easing fears that the unrest in Iraq may not spread into the country’s southern region which accounts for nearly three-fourth of the oil production of the OPEC’s second biggest oil producer. Investors are eying the US consumer confidence and home sales data to be released later today which may offer further cues over the health of the world’s biggest economy. At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,388 per barrel, down by 0.27 per cent, after opening at Rs 6,387, against a previous close of Rs 6,405. It touched an intra-day low of Rs 6,375. (At 10:59AM).
