Crude oil futures slided over 1 per-cent in the native market on Wednesday as investors & speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as an eighth straight rise in US crude oil stockpiles last week aggravated fears over a global supply glut.
US Crude oil supplies climbed by 252,000 barrels to 487.3 million barrels in the week ended November 13, 2015. Crude oil stockpiles at Cushing, Oklahoma, the highest US oil storage hub in the US, elevated by 1.5 million barrels last week. Total US oil storage remains at levels unseen for this time of the year in atleast the last 80 years, a sign that the market is flooded with oil.
Housing starts in the US collapse in Oct month, indicating a weakening housing market recovery in the world’s largest economy, darkening the requirement outlook for the fuel. Starts fell 11 per-cent to a 1.06 million yearly rate in October month.
Oil may regained today as the sharp losses in recent sessions offers a good bargain buying opportunity in the fuel. At the MCX, Nov 2015 contract for Crude oil futures, closed at Rs 2,673 per barrel, down by 1.11 %, after opening at Rs 2,716, in against to the previous close price of Rs 2,703. It reached an intraday low of Rs 2,649.
US Crude oil supplies climbed by 252,000 barrels to 487.3 million barrels in the week ended November 13, 2015. Crude oil stockpiles at Cushing, Oklahoma, the highest US oil storage hub in the US, elevated by 1.5 million barrels last week. Total US oil storage remains at levels unseen for this time of the year in atleast the last 80 years, a sign that the market is flooded with oil.
Housing starts in the US collapse in Oct month, indicating a weakening housing market recovery in the world’s largest economy, darkening the requirement outlook for the fuel. Starts fell 11 per-cent to a 1.06 million yearly rate in October month.
Oil may regained today as the sharp losses in recent sessions offers a good bargain buying opportunity in the fuel. At the MCX, Nov 2015 contract for Crude oil futures, closed at Rs 2,673 per barrel, down by 1.11 %, after opening at Rs 2,716, in against to the previous close price of Rs 2,703. It reached an intraday low of Rs 2,649.
Read More : Mcx crude tips
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