Oil Eases Amid Sustained Selling Pressure, Falling Rig Couts Can Cap Downside

Oil Eases Amid Sustained Selling Pressure, Falling Rig Couts Can Cap Downside

Nov 11, 2019 12:11 IST capital market

WTI Crude oil futures continued to ease today as a slide from six week high above $57 per barrel extended. The commodity is down 0.91% at $56.72 per barrel. MCX Crude oil corrected further today as well. The local futures are down 0.93% at Rs 4038 per barrel. Asian shares slipped on global trade anxiety and mixed economic cues. China benchmark Shanghai Composite index plunged 1.83% while Hong Kongs Hang Seng index crashed 2.62%. Japans Nikkei average also slipped 0.26%. European stocks are also seeing tepid movement on Monday as concerns over US-China trade deal and Moodys warning on Britains sovereign debt weighed on the sentiments. Meanwhile, Baker Hughes has reported that the number of active US rigs drilling for oil fell by 7 to 684 last week, easing for third week in a row The total active US rig count also fell by 5 to 817, according to Baker Hughes. This can keep the downside protected for oil.

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