Oil tumbles ahead of OPEC meet
27/11/2014 12:11
Crude oil futures slumped in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the OPEC, which will meet in Vienna today may refrain from cutting production to ease a supply glut and support plunging prices.
Saudi Arabian oil minister said that falling oil prices will stabilize on their own.
Meanwhile, US oil production surged to the highest level in more than three decades, up 73,000 barrels to 9.08 million barrels per day last week.
At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,524 per barrel, down by 1.20 per cent, after opening at Rs 4,566, against a previous close of Rs 4,579. It touched an intra-day low of Rs 4,517. (At 11:51 AM).
27/11/2014 12:11
Crude oil futures slumped in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the OPEC, which will meet in Vienna today may refrain from cutting production to ease a supply glut and support plunging prices.
Saudi Arabian oil minister said that falling oil prices will stabilize on their own.
Meanwhile, US oil production surged to the highest level in more than three decades, up 73,000 barrels to 9.08 million barrels per day last week.
At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,524 per barrel, down by 1.20 per cent, after opening at Rs 4,566, against a previous close of Rs 4,579. It touched an intra-day low of Rs 4,517. (At 11:51 AM).
