Crude oil futures were trading lower during the morning trade in the domestic market on Monday followed by dollar strengthening against most major currencies after the Britain on Friday opted to leave the EU in its referendum.
The UK referendum spooked investors’ weakening appetite for assets viewed as risky, including stocks and commodities, led to decrease in demand as dollar-priced commodity become costlier for those using other currencies, weighed on crude oil prices.
At the MCX, Crude oil futures for July 2016 contract is trading at Rs 3,232 per kg, down by 1.40 per cent, after opening at Rs 3,240, against a previous close of Rs 3,266. It touched the intra-day low of Rs 3,217
The UK referendum spooked investors’ weakening appetite for assets viewed as risky, including stocks and commodities, led to decrease in demand as dollar-priced commodity become costlier for those using other currencies, weighed on crude oil prices.
At the MCX, Crude oil futures for July 2016 contract is trading at Rs 3,232 per kg, down by 1.40 per cent, after opening at Rs 3,240, against a previous close of Rs 3,266. It touched the intra-day low of Rs 3,217
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