Crude oil futures dipped by around 0.53 per cent in the domestic market on Tuesday as investors weighed continued uncertainty ahead of the U.K. referendum on European Union membership and its potential impact on energy demand.
Analysts said that while a Brexit may not have an immediate impact on oil, the market could suffer collateral damage. A departure could dampen appetite for riskier assets such as commodities. Oil could also take a hit from a rising dollar, which analysts expect to strengthen if the U.K. votes to leave.
At the MCX, Crude oil futures for June 2016 contract closed at Rs. 3,357 per barrel, down by 0.53 per cent, after opening at Rs. 3,375, against the previous closing price of Rs. 3,375. It touched the intra-day low of Rs. 3,323.
Analysts said that while a Brexit may not have an immediate impact on oil, the market could suffer collateral damage. A departure could dampen appetite for riskier assets such as commodities. Oil could also take a hit from a rising dollar, which analysts expect to strengthen if the U.K. votes to leave.
At the MCX, Crude oil futures for June 2016 contract closed at Rs. 3,357 per barrel, down by 0.53 per cent, after opening at Rs. 3,375, against the previous closing price of Rs. 3,375. It touched the intra-day low of Rs. 3,323.
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