Oil turns flat on ample supplies
11/09/2014 11:37
Crude oil futures were trading on a flat note in the domestic market on Thursday as investors and speculators stayed cautious over booking fresh positions in the energy commodity tracking a weak trend in the overseas market as US oil output stood at near the highest level since 1986, signaling more than adequate supplies of the fuel in the world’s biggest oil consumer. The US pumped in 8.59 million barrels per day last week, the EIA said. The OPEC trimmed the forecast for the oil it needs to supply amidst surging US production. At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,592 per barrel, up by 0.05 per cent, after opening at Rs 5,588, against a previous close of Rs 5,589. It touched an intra-day low of Rs 5,602. (At 11:19 AM).
11/09/2014 11:37
Crude oil futures were trading on a flat note in the domestic market on Thursday as investors and speculators stayed cautious over booking fresh positions in the energy commodity tracking a weak trend in the overseas market as US oil output stood at near the highest level since 1986, signaling more than adequate supplies of the fuel in the world’s biggest oil consumer. The US pumped in 8.59 million barrels per day last week, the EIA said. The OPEC trimmed the forecast for the oil it needs to supply amidst surging US production. At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,592 per barrel, up by 0.05 per cent, after opening at Rs 5,588, against a previous close of Rs 5,589. It touched an intra-day low of Rs 5,602. (At 11:19 AM).
