Today, Crude oil futures plummeted over 1 per-cent in the native market while tumbling to a 6 year low in the overseas market as investors, observers and speculators regained to a heavy sell-off in the energy commodity amidst continued fears that a global oil glut may exacerbate due to the fallout of the OPEC’s decision to maintain production at high levels, and sluggish world wide growth of economy which may weaken requirement.
The OPEC past week voted to refrain from a cutback in production as the cartel aggressively battles to protect market share amidst high-cost producers.
In the mean time, US(United States) storage levels fell down for the 1st time in eleven weeks but remained at the highest level for this time of the year since 1930 and nearly 120 million barrels above the 5-year average, a sign that the market is flooded with oil.
MCX : December 2015 contract for Crude oil futures ended at Rs 2,496 per barrel, down by 1.27 per-cent, after opening at 2,559, in against with the previous close price of Rs 2,528. It attained an intraday low of Rs 2,478.
The OPEC past week voted to refrain from a cutback in production as the cartel aggressively battles to protect market share amidst high-cost producers.
In the mean time, US(United States) storage levels fell down for the 1st time in eleven weeks but remained at the highest level for this time of the year since 1930 and nearly 120 million barrels above the 5-year average, a sign that the market is flooded with oil.
MCX : December 2015 contract for Crude oil futures ended at Rs 2,496 per barrel, down by 1.27 per-cent, after opening at 2,559, in against with the previous close price of Rs 2,528. It attained an intraday low of Rs 2,478.
Read More : mcx crude tips
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