Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures end lower as supply worries pummel market

19-Dec2018

Crude oil futures end lower as supply worries pummel market

Crude oil futures ended lower with cut of over seven percent on Tuesday, sending benchmark crude prices to their lowest finish in nearly 16 months, as concerns over a potential global supply glut rattled the market. Losses for oil magnified after it was reported that Russia was increasing its output to 11.42 million barrels a day this month. Meanwhile, a recent US government forecast calling for further gains in domestic shale oil production and expectations for an economic slowdown fed concerns over a potential global glut in crude supplies.

Benchmark crude oil futures for January plunged $3.64 or 7.3 percent to settle $46.24 a barrel on the New York Mercantile Exchange. February Brent crude dropped $3.35 or 5.6 percent to settle at $56.26 a barrel on London's Intercontinental Exchange.



Related News

View all news

Crude oil futures decline on weak trend overseas

Crude oil futures declined on MCX as speculators trimmed their position after tracking weak trend overseas, pressured by economic growth concerns that dampened the outlook for fuel consumption. However,......

Mentha oil futures exhibit mixed trend on MCX

Mentha oil futures exhibited mixed trend on MCX as contract for March rose on improved demand from consuming industries at the domestic spot market, while April contract traded down on expectations of......

Crude palm oil futures trade high on technical buying

Crude palm oil futures traded moderately high on MCX, due to technical buying at prevailing lower rates by market players in line with firm trend in global markets. Though,  higher edible oil......

Top News

View all news

Power Grid fully utilises JPY 22 billion loan

Power Grid Corporation has fully drawn a 22 billion Japanese Yen (JPY) loan and utilised it to finance capital expenditure for its ongoing and new projects.Power Grid had entered into a JPY 22-billion......

Mahindra deploys six armoured Marksman at Delhi Airport

Mahindra Group has deployed six armoured Marksman vehicles at Indira Gandhi International Airport in Delhi. With this deployment, Delhi airport becomes first to get bullet-proof vehicle in its premises......

Oil India signs MoU with Gauhati University: Report

Oil India and Gauhati University have reportedly signed a Memorandum of Understanding (MoU) on March 19, 2019. The MoU aims to extend the facility of Technology Incubation Centre at Gauhati University......