Supply glut drag down Oil futures 13/10/2014

Supply glut drag down Oil futures
13/10/2014 11:42
Crude oil futures tumbled in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as surging supplies coupled with a slowing global economy darkened the outlook for the fuel. Supplies from OPEC surged the most since November 2011 since September 2014 while US oil output rose to the highest level since 1986 while fears of a recession in the Euro area have signaled a bleak demand outlook for the fuel. At the MCX, Crude Oil futures, for the October 2014 contract, is trading at Rs 5,192 per barrel, down by 1.74 per cent, after opening at Rs 5,278, against a previous close of Rs 5,284. It touched an intra-day low of Rs 5,183. (At 11:18 AM).

Flat trade in oil futures ahead of supplies data 07/10/2014

Flat trade in oil futures ahead of supplies data
07/10/2014 11:23
Crude oil futures fell in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the energy commodity ahead of US weekly inventory data which may signal waning fuel demand in the world’s biggest oil consumer. US crude oil stockpiles may have risen by 2 million barrels last week, the EIA may say tomorrow. However, a pickup in US job growth last month bolstered the demand outlook for the fuel as robust American consumer finances boost discretionary spending. At the MCX, Crude Oil futures, for the October 2014 contract, is trading at Rs 5,562 per barrel, up by 0.11 per cent, after opening at Rs 5,548, against a previous close of Rs 5,556. It touched an intra-day high of Rs 5,570. (At 11:02 AM).