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Crude oil reverses its previous day's gains; falls on weak demand outlook

By Religare
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Crude oil prices reversed its previous day's gains, falling by 0.26 per cent on Friday at the domestic markets due to worries that the US Federal Reserve may reduce stimulus in the near-term, which in turn may dampen the demand outlook for the fuel. Traders are concerned about the outlook for the US economy once Fed reduces monetary support. At the MCX, crude oil futures for July 2013 contract were trading at Rs. 5,830 per barrel, down by 0.26 per cent, after opening at Rs. 5,840 against the previous closing price of Rs. 5,845. It touched the intra-day low of Rs. 5,822 till the trading. (At 11.05 AM today).

 

Sentiment weakened further as lingering worries over a cash squeeze in China, the world's second largest economy, dimmed the demand outlook for the fuel.

However, losses were curbed as US petroleum demand rose 3 per cent to 19 million barrels per day last week, the EIA said. Gasoline consumption in the US climbed 0.6 per cent to 8.89 million barrels per day last week, the EIA added.

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Story first published: Friday, June 28, 2013, 12:41 [IST]
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