Crude oil futures slip 0.35 percent on Monday
DSIJ Intelligence / 19 Jun 2017
Crude oil futures slipped 0.35 per cent to Rs 2,869 per barrel in line with a weak trend in Asia on Monday, as traders cut down their exposure. Crude oil futures have witnessed a business volume of 1,531 lots at the Multi Commodity Exchange (MCX).
Crude oil futures slipped 0.35 per cent to Rs 2,869 per barrel in line with a weak trend in Asia on Monday, as traders cut down their exposure. Crude oil futures have witnessed a business volume of 1,531 lots at the Multi Commodity Exchange (MCX).
to Trading at Rs 2,898 per barrel with a business volume of 504 lots, oil prices for July delivery reduced 0.24 per cent.
The reason behind fall in prices was due to speculation that a record expansion by US drillers will bluff Organization of the Petroleum Exporting Countries (OPEC)-led efforts to rebalance an oversupplied market.
Prices for both benchmarks, West Texas and Brent are down by almost 14 per cent since late May, when OPEC extended their pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months until the end of Q1CY18.
West Texas Intermediate decreased 0.2% to USD 44.54, while Brent was 0.19% lower at USD 47.18.
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