Crude oil dips on rising OPEC crude production
02/05/2016 12:12
Crude oil prices fell by 0.30 per cent on Monday as rising production in the Middle East outweighed a decline in US output and a recent slide in the dollar, which has been supporting crude. The rising output from the Organization of the Petroleum Exporting Countries (OPEC) was outweighing supportive factors such as a decline in US output.
At the MCX, crude oil futures for May 2016 contract were trading at Rs. 3,026 per barrel, down by 0.30 per cent, after opening at Rs. 3,035 against the previous closing price of Rs. 3,035. It touched the intra-day low of Rs. 3,021 till the trading. (At 12.15 PM today).
Pieces also dropped as business surveys set a mixed tone and with markets in China shut for a holiday. China April CFLP manuacturing index came in at 50.1, below expectations. The CFLP service PMI eased to 53.5 from 53.8.
02/05/2016 12:12
Crude oil prices fell by 0.30 per cent on Monday as rising production in the Middle East outweighed a decline in US output and a recent slide in the dollar, which has been supporting crude. The rising output from the Organization of the Petroleum Exporting Countries (OPEC) was outweighing supportive factors such as a decline in US output.
At the MCX, crude oil futures for May 2016 contract were trading at Rs. 3,026 per barrel, down by 0.30 per cent, after opening at Rs. 3,035 against the previous closing price of Rs. 3,035. It touched the intra-day low of Rs. 3,021 till the trading. (At 12.15 PM today).
Pieces also dropped as business surveys set a mixed tone and with markets in China shut for a holiday. China April CFLP manuacturing index came in at 50.1, below expectations. The CFLP service PMI eased to 53.5 from 53.8.
