Oil retreats after EIA cuts forecast
10/09/2014 11:33
Crude oil futures fell in the domestic market on Wednesday as investors and speculators stayed cautious ahead of EIA data which may show a drop in US supplies last week. Sentiment weakened after the EIA predicted a retreat in global oil prices in 2015 as US crude production surges to a 45-year high. The EIA also slashed its forecast for global oil demand in 2015 to 92.89 million barrels day from 92.96 million barrels predicted earlier. At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,663 per barrel, down by 0.16 per cent, after opening at Rs 5,661, against a previous close of Rs 5,672. It touched an intra-day low of Rs 5,653. (At 11:13 AM).
10/09/2014 11:33
Crude oil futures fell in the domestic market on Wednesday as investors and speculators stayed cautious ahead of EIA data which may show a drop in US supplies last week. Sentiment weakened after the EIA predicted a retreat in global oil prices in 2015 as US crude production surges to a 45-year high. The EIA also slashed its forecast for global oil demand in 2015 to 92.89 million barrels day from 92.96 million barrels predicted earlier. At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,663 per barrel, down by 0.16 per cent, after opening at Rs 5,661, against a previous close of Rs 5,672. It touched an intra-day low of Rs 5,653. (At 11:13 AM).
