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Oil extends bearish ride on China slump

By Religare
|

The rout in crude oil deepened in late morning trade in the domestic market with prices sinking more than 1 per cent as traders shunned the energy commodity amid speculation that China's worsening equity turmoil may spread to other parts of the world's second biggest economy, reducing the demand for oil.

China is the world's second biggest oil consumer, accounting for nearly one-tenth of global oil demand.

China's Shanghai Composite which recorded the steepest one-day percentage drop since 2007 on Monday, declining 8.5 per cent, tumbled over 6.5 per cent on Tuesday, as the benchmark fell below the 3,000 mark for the first time in eight months, amid concerns over the government's ability to restore confidence in the country's beaten down stock market.

 

At the MCX, Crude oil futures, for the September 2015 contract, is trading at Rs 2,614 per barrel, down by 0.95 per cent, after opening at Rs 2,628, against the previous close price of Rs 2,639. It touched an intraday low of Rs 2,601. (At 11:49 AM).

Story first published: Tuesday, August 25, 2015, 23:00 [IST]
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