Crude Oil Updates - More Pain for Crude oil As Oversupply

Crude Oil Update - Crude oil futures were trading in the red during late morning trade in the domestic market on Monday as investors and speculators exited positions in the energy commodity as international oil prices slid to the lowest level in eleven years amidst concerns that a global glut may worsen due to near-record high supplies from the US and the Middle East.

Further, a contraction in a regional US factory gauge signaled a slowdown in the world’s biggest economy, dimming the demand outlook for the fuel. The Kansas City Fed manufacturing index slipped to -9 in December from 1 in November, with a reading below 0 signaling contraction.
 

At the MCX, Crude oil futures, for the January 2016 contract, is trading at Rs 2,394 per barrel, down by 0.33 per cent, after opening at 2,402, against the previous close price of Rs 2,402. It touched an intraday low of Rs 2,381.