Crude oil futures were trading flat during morning trade in the domestic market on Friday amid renewed worries over a global glut in the energy commodity after a Russian government energy official dismissed the need to freeze output while US supplies rose to the highest seasonal level in atleast three decades.
Further, a renewed contraction in US manufacturing clouded the fuel’s demand outlook. Marking the biggest drop in more than two years, the US manufacturing index fell 3.2 points to 49.4 in August, with a reading below 50 signaling contraction.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,910 per barrel, up by 0.03 per cent, after opening at Rs 2,927, against a previous close of Rs 2,909. It touched the intra-day high of Rs 2,927
Further, a renewed contraction in US manufacturing clouded the fuel’s demand outlook. Marking the biggest drop in more than two years, the US manufacturing index fell 3.2 points to 49.4 in August, with a reading below 50 signaling contraction.
At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,910 per barrel, up by 0.03 per cent, after opening at Rs 2,927, against a previous close of Rs 2,909. It touched the intra-day high of Rs 2,927
Read More - Crude Oil Updates
0 comments:
Post a Comment