No respite for Oil as slump continues
31/10/2014 11:53
Crude oil futures fell in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid fears of a global supply glut. Speculation of a rise in OPEC output to a 14-month high, coupled with a rise in US oil production to the highest level in three decades and Russian production to near a post-Soviet record signals that the global crude oil market is awash in crude even as a slowdown in the world economy cuts demand. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,983 per barrel, down by 0.68 per cent, after opening at Rs 4,992, against a previous close of Rs 5,017. It touched an intra-day low of Rs 4,967. (At 11:28 AM).
31/10/2014 11:53
Crude oil futures fell in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid fears of a global supply glut. Speculation of a rise in OPEC output to a 14-month high, coupled with a rise in US oil production to the highest level in three decades and Russian production to near a post-Soviet record signals that the global crude oil market is awash in crude even as a slowdown in the world economy cuts demand. At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,983 per barrel, down by 0.68 per cent, after opening at Rs 4,992, against a previous close of Rs 5,017. It touched an intra-day low of Rs 4,967. (At 11:28 AM).
