Crude oil futures were trading lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity on worries that US rig counts would continue to rise and that returning Libyan and Nigerian exports would stoke a global supply glut.
US drillers added 7 oil rigs in the week to September 9, bringing the total rig count to 414, the most since February.
Also, returning supply from Libya and Nigeria will hamper a rebalancing of the global crude market, weighed on the sentiment.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,918 per barrel, down by 1.02 per cent, after opening at Rs 2,925, against a previous close of Rs 2,948. It touched the intra-day low of Rs 2,915 .
US drillers added 7 oil rigs in the week to September 9, bringing the total rig count to 414, the most since February.
Also, returning supply from Libya and Nigeria will hamper a rebalancing of the global crude market, weighed on the sentiment.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,918 per barrel, down by 1.02 per cent, after opening at Rs 2,925, against a previous close of Rs 2,948. It touched the intra-day low of Rs 2,915 .
Read More - Crude Oil Updates
0 comments:
Post a Comment