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Crude Oil ends lower on weak demand outlook

By Religare

Crude oil futures ended lower in the domestic market on Wednesday after Retail sales in the euro zone fell more-than-expected last month signaling weak sentiment in the region which reduced the demand outlook for the fuel. Eurostat said that Euro Zone Retail Sales fell to -0.6 per cent, from 0.1 per cent in the preceding month whose figure was revised down from 0.2 per cent. Prices also fell in the midst of an expected draw in US stockpiles last week along with continuing gains in Saudi Arabian supply. In its Weekly Petroleum Status Report released on Wednesday, the US Energy Information Administration (EIA) said US crude inventories decreased by 4.4 million barrels for the week ending on July 31, extending a mild draw from a week earlier. Energy traders also reacted to the latest build in Saudi Arabian oil, as the kingdom ramped up crude output in July by 70,000 to 10.57 bpd. Further, Saudi Aramco, the nation's state-owned energy company, announced that it is raising the official selling price for its Arab Light crude to Asia at a premium of 0.40 a barrel above the average price. At the MCX, Crude oil futures, for the August 2015 contract, closed at Rs 2,888 per barrel, down by 1.60 per cent, after opening at Rs 2,948, against the previous close price of Rs 2,935. It touched an intraday low of Rs 2,873.

Story first published: Thursday, August 6, 2015, 12:20 [IST]
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