Rising US supplies weigh on Oil
30/10/2014 11:46
Crude oil futures fell in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after US crude oil stockpiles rose for the fourth week on the trot, signaling weakening fuel demand in the world’s biggest oil consumer.
US crude oil stockpiles climbed for a fourth week on the trot, up by 2.06 million barrels to 379.7 million barrels in the week ended October 24, 2014, the EIA said.
US oil output rose at the fastest pace since 1983, up to 8.97 million barrels a day, the report said.
At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 5,051 per barrel, down by 0.63 per cent, after opening at Rs 5,080, against a previous close of Rs 5,083. It touched an intra-day low of Rs 5,048. (At 11:29 AM).
30/10/2014 11:46
Crude oil futures fell in the domestic market on Thursday as investors and speculators exited positions in the energy commodity after US crude oil stockpiles rose for the fourth week on the trot, signaling weakening fuel demand in the world’s biggest oil consumer.
US crude oil stockpiles climbed for a fourth week on the trot, up by 2.06 million barrels to 379.7 million barrels in the week ended October 24, 2014, the EIA said.
US oil output rose at the fastest pace since 1983, up to 8.97 million barrels a day, the report said.
At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 5,051 per barrel, down by 0.63 per cent, after opening at Rs 5,080, against a previous close of Rs 5,083. It touched an intra-day low of Rs 5,048. (At 11:29 AM).
