Crude oil down on ongoing glut fears
03/08/2016 08:54
Crude oil futures closed lower in the domestic market on Tuesday as ongoing fuel oversupply and stuttering economic growth weighed on markets. Oil markets have been dogged by oversupply that started in the crude sector more than two years ago and which has since spread to refined products, leaving storage tanks filled to the brink, and unsold fuel stored on ships. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2642 per barrel, down by 1.45 per cent, after opening at Rs. 2690, against the previous closing price of Rs. 2681. It touched the intra-day low of Rs. 2631.
03/08/2016 08:54
Crude oil futures closed lower in the domestic market on Tuesday as ongoing fuel oversupply and stuttering economic growth weighed on markets. Oil markets have been dogged by oversupply that started in the crude sector more than two years ago and which has since spread to refined products, leaving storage tanks filled to the brink, and unsold fuel stored on ships. At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2642 per barrel, down by 1.45 per cent, after opening at Rs. 2690, against the previous closing price of Rs. 2681. It touched the intra-day low of Rs. 2631.
