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Oil falls by 3%. Fed's stimulus turned negative


Oil falls by 3%. Fed's stimulus turned negative
Crude futures fell on MCX after US Federal Reserve warned US economy is facing a serious downward risk.

Fed said that it will buy $400 billion of long-term treasury bonds and sell an equal amount of short-term treasury bonds by June next year, the move that roll the markets upside-down. Investors confidence over the strength of the US economy is weakening with the weak economic data from US.


At the Multi Commodity Exchange, crude for delivery in October opened at Rs 4,184 per bbl and touched an intraday low of Rs 4,067 per bbl. It was trading between Rs 4,084 – Rs 4,085 per bbl around 4:30 pm IST.

Similarly, crude for delivery in far-month March opened at Rs 4,283 per bbl and was trading in the range of Rs 4,251 – Rs 4,261 per bbl same time.

Internationally, Brent crude was trading down by $2.07 at $107.04.

Crude for November delivery on the New York Mercantile Exchange dropped as much as $3.23 to $82.69 a barrel, the lowest intraday price since last month.

Commodity Analysts expect Crude to fall further tracking cues from international exchange.

Story first published: Thursday, September 22, 2011, 16:39 [IST]
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