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Oil continues to fall on a grim global outlook

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Oil continues to fall on a grim global outlook
Crude oil continued to ride a three-day losing streak on weak data from Greece that it may default on its deficit targets.

At the Multi Commodity Exchange, crude for delivery in October opened at Rs 3,822 per bbl and was trading low between Rs 3,772 – Rs 3,775 per bbl around 1:33 pm IST.

 

Similarly, crude for delivery in far-month March opened at Rs 3,960 per bbl and was trading in the range of Rs 3,926 – Rs 3,941 per bbl same time.

Greek Economy may miss its budget deficit targets set by the European Union (EU) and International Monetary Fund (IMF), according to the data released by government on Sunday. Investors dumped crude oil futures over the trade on fears this may slowdown the demand for crude.

Internationally, Brent crude was trading down by $1.12 at $100.70.

Benchmark crude for November delivery was down $0.47 to $77.14 per barrel its lowest since late September 2010.

Benchmark crude fell $1.59, or 2 per cent, to close at $77.61 per barrel in New York on Monday.

GoodReturns.in

Story first published: Tuesday, October 4, 2011, 13:43 [IST]
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