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No relief yet for Oil as prices continue falling

By Religare
|

Crude oil futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators continued to exit risky bets in the energy commodity as fears over a supply glut soured sentiment.

Despite a bigger than expected decline of 3.5 million barrels in US crude oil stockpiles last week, traders remained wary amidst a 5 million barrel spike in inventory of US distillates, which include heating oil and diesel fuel, and total storage staying near the highest level unseen for this time of the year at least in the past 80 years.

 

At the MCX, Crude oil futures, for the December 2015 contract, is trading at Rs 2,491 per barrel, down by 0.20 per cent, after opening at 2,511, against the previous close price of Rs 2,496. It touched an intraday low of Rs 2,478. (At 15:25 PM).

Story first published: Thursday, December 10, 2015, 23:00 [IST]
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