Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Prices Suffer Sharp Decline Tracking The Loss In silver


Crude Prices Suffer Sharp Decline Tracking The Loss In silver

Crude declined further on Tuesday and witnessed their biggest one-day percentage loss in last two weeks. Traders turned cautious and focused on a plunge in silver prices and signs of weakening US fuel demand. Silver, for last some time was being considered a proxy for risk appetite among commodity traders and, as traders unloaded their positions in silver, they followed suit in crude oil. Concerns about US oil demand also weighed on crude-oil prices. US weekly gasoline demand fell 1% to 9.157 million barrels a day in the week ended Friday, according to a SpendingPulse report released by MasterCard Advisors LLC.

The report suggested that rising gasoline prices could be wearing on demand. Pump prices have already surpassed the important $4-a-gallon psychological threshold in many parts of the country. Meanwhile, the American Petroleum Institute, an industry group reported that supplies rose more than expected last week. Gasoline supplies rose 680,000 barrels, while stocks of distillates, including heating oil and diesel, fell 1.5 million barrels.

Benchmark crude for June delivery settled at $111.05 a barrel, down $2.47, 2.18% on the New York Mercantile Exchange. In London, Brent Crude for June settled at $122.45 a barrel, down $2.67, 2.13% on the ICE, its biggest one-day percentage loss since April 12.

Related News

View all news

BT Cotton Seeds Businesses Targeting Earnings Of Rs 700 Crore This Season

BT Cotton seeds organizations are targeting earnings of Rs 700 cr this season as a result of a rise ......

Gold Challenges To Maintain Earlier Increases As The Problems In Europe Prolongs

Gold prices surrounded reduce on Monday because the euro solved their deficits in opposition to the ......

Copper Seems To Lengthen Uptrend As Dollar Recoils

Copper rates were able to lengthen the uptrend for 3rd instantly period on Monday, as traders proved......

Top News

View all news

Shalimar Paints lays down foundation of Nashik manufacturing plant

Shalimar Paints has laid down the foundation of a manufacturing unit to be rebuilt in Nashik, in the state of Maharashtra. The company set to commence operations by April 2019 with a planned production......

Delta Corp reports 11% rise in Q2 consolidated net profit

Delta Corp has reported results for second quarter ended September 30, 2018.The company has reported over 2-fold jump in its net profit at Rs 63.51 crore for the quarter under review as compared to Rs......

PNB plans to sell non-core assets worth Rs 8,600 crore during FY19

Punjab National Bank (PNB) has recognized various assets, including its housing finance arm, for sale and hopes to realise Rs 8,600 crore from these non-core assets during the current fiscal. Meanwhile,......