Crude oil dips on China’s growth forecast
07/03/2017 08:33
Crude oil futures closed lower in the domestic market on Monday after a downbeat economic growth forecast for China raised concern about demand while signs of further growth in U.S. crude production contributed to worries about supply. Meanwhile in the U.S., an expansion in oil production coupled with a likely interest-rate increase also weighed on prices. Higher interest rates would likely boost the dollar and make dollar-denominated commodities like oil more expensive for holders of other currencies. At the MCX, crude oil futures for March 2016 contract closed at Rs 3555 per barrel, down by 0.03 per cent, after opening at Rs 3547, against a previous close of Rs 3556. It touched the intra-day low of Rs 3530.
07/03/2017 08:33
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Crude oil futures closed lower in the domestic market on Monday after a downbeat economic growth forecast for China raised concern about demand while signs of further growth in U.S. crude production contributed to worries about supply. Meanwhile in the U.S., an expansion in oil production coupled with a likely interest-rate increase also weighed on prices. Higher interest rates would likely boost the dollar and make dollar-denominated commodities like oil more expensive for holders of other currencies. At the MCX, crude oil futures for March 2016 contract closed at Rs 3555 per barrel, down by 0.03 per cent, after opening at Rs 3547, against a previous close of Rs 3556. It touched the intra-day low of Rs 3530.
