Crude oil futures ripples down with weak trend

India Infoline News Service | Mumbai | June 19, 2017 14:13 IST

On Monday, crude oil futures slipped 0.35 per cent to Rs 2,869 per barrel in line with a weak trend in Asia, as traders cut down their exposure. Crude oil futures have witnessed a business volume of 1,531 lots at the Multi-Commodity Exchange (MCX).

On Monday, crude oil futures slipped 0.35 per cent to Rs 2,869 per barrel in line with a weak trend in Asia, as traders cut down their exposure. Crude oil futures have witnessed a business volume of 1,531 lots at the Multi-Commodity Exchange (MCX).

Also, oil prices for July delivery reduced by 0.24 per cent to trade at Rs 2,898 per barrel, with a business volume of 504 lots.

According to the oil experts, the reason behind the fall in prices is a record expansion by the US drillers, and the efforts of Organization of the Petroleum Exporting Countries (OPEC) to rebalance an oversupplied market.

US benchmark West Texas Intermediate decreased 0.2% to USD 44.54, while Brent was 0.19% lower at USD 47.18.



Prices for both benchmarks are down by almost 14 per cent since late May, when OPEC extended their pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months until the end of Q1CY18.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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