Free MCX Tips | Crude oil futures ended lower in the Asian market on Thursday as investors and speculators exited positions in the energy commodity a midst easing worries that escalating geopolitical tensions may curb Middle East oil supplies, while hefty storage levels in the United state and high production from OPEC meant that the global oil market may remain oversupplied for few hours.
Turkey earlier this week shot down a Russian warplane near the Syrian border, helping to push up oil prices as fears rose that worsening tensions in the Middle East may restrict supplies from the oil-rich region.
However, the rally was short-lived as rising stockpiles in the United State, where crude storage rose for a ninth straight week, and OPEC continuing its battle for defending market share may keep global production high, while a stronger dollar has also kept crude on the back foot, by making the fuel more expensive for those holding other currencies.
OPEC, which makes up about 40% of global crude supplies, is unlikely to cut its production target when it meets next week, even as some representative express fears that the cartel’s policies could push oil prices to as low as USD 20 per barrel next year.
Oil may impart a drop today as a slump in China industrial profits signaled fears of a hard landing in the world’s second largest economy, clouding demand outlook.
At the MCX, Crude oil futures, for the December 2015 contract, closed at Rs 2,851 per barrel, down by 0.31%, after opening at 2,870, against the previous close price of Rs 2,860. It touched an intraday low of Rs 2,840.
Turkey earlier this week shot down a Russian warplane near the Syrian border, helping to push up oil prices as fears rose that worsening tensions in the Middle East may restrict supplies from the oil-rich region.
However, the rally was short-lived as rising stockpiles in the United State, where crude storage rose for a ninth straight week, and OPEC continuing its battle for defending market share may keep global production high, while a stronger dollar has also kept crude on the back foot, by making the fuel more expensive for those holding other currencies.
OPEC, which makes up about 40% of global crude supplies, is unlikely to cut its production target when it meets next week, even as some representative express fears that the cartel’s policies could push oil prices to as low as USD 20 per barrel next year.
Oil may impart a drop today as a slump in China industrial profits signaled fears of a hard landing in the world’s second largest economy, clouding demand outlook.
At the MCX, Crude oil futures, for the December 2015 contract, closed at Rs 2,851 per barrel, down by 0.31%, after opening at 2,870, against the previous close price of Rs 2,860. It touched an intraday low of Rs 2,840.
No comments:
Post a Comment