Oil extends slump on Russia comments
17/12/2014 11:49
Crude oil futures tumbled in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after Russia stressed that it will keep its output steady in 2015, matching OPEC’s policy of refraining from a production cut, signaling a widening supply glut in the global oil market.
Output from Russia, the world’s largest crude producer, next year will be similar to this year’s 10.6 million barrels a day, the country’s Energy official said.
At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,495 per barrel, down by 2.18 per cent, after opening at Rs 3,552, against a previous close of Rs 3,573. It touched an intra-day low of Rs 3,487. (At 11:34 AM).
17/12/2014 11:49
Crude oil futures tumbled in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after Russia stressed that it will keep its output steady in 2015, matching OPEC’s policy of refraining from a production cut, signaling a widening supply glut in the global oil market.
Output from Russia, the world’s largest crude producer, next year will be similar to this year’s 10.6 million barrels a day, the country’s Energy official said.
At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 3,495 per barrel, down by 2.18 per cent, after opening at Rs 3,552, against a previous close of Rs 3,573. It touched an intra-day low of Rs 3,487. (At 11:34 AM).
