Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures trade tad lower on trade war concerns

18-Sep2018

Crude oil futures trade tad lower on trade war concerns

Crude oil futures traded marginally lower on MCX, as speculators cut bets amid concerns over the latest escalation in the US-China trade war, which clouded the demand outlook. US President Donald Trump on Monday said he would impose 10 percent US tariffs on about $200 billion worth of Chinese imports. Trump also said in the statement that if China plans to retaliate, 'we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports'. Further, the EIA reported that oil output from seven major US shale formations is expected to rise by 79,000 barrels per day to 7.6 million bpd in October, too weighed on crude oil prices. However, potential supply cuts from US sanctions on Iran, capped some losses.

The contract for September delivery was trading at Rs 4970.00, down by 0.5% or Rs 25.00 from its previous closing of Rs 4995.00. The open interest of the contract stood at 10886 lots.

The contract for October delivery was trading at Rs 4976.00, down by 0.52% or Rs 26.00 from its previous closing of Rs 5002.00. The open interest of the contract stood at 4336 lots on MCX. 


Related News

View all news

Crude oil futures end higher as supplies tighten

Crude oil futures ended higher on Tuesday amid reports of falling Saudi Arabian exports. Crude-oil volumes shipped from major producer Saudi Arabia fell in the first half of February to 6.2 million barrels......

Crude oil futures decline on demand concerns

Crude oil futures declined on MCX as speculators reduced their bets, tracking weak international oil market on caution that economic growth may dent fuel demand this year. Though, global oil markets remain......

Mentha oil futures trade lower on higher acreage

Mentha oil futures traded lower on MCX, as speculators trimmed their positions on expectations of higher acreage under mint due to lucrative prices throughout last year. Though, fall in inventory at exchange-accredited......

Top News

View all news

Tata Motors signs LTS agreement with its employees

Tata Motors has signed a long-term wage settlement (LTS) agreement with its employees. Under the agreement, workmen will get a wage rise of Rs 9,000 per month along with other incentives based on performance.......

Canara Bank invites bids from merchant bankers to manage its $350-500 million MTN issue: Report

Canara Bank has reportedly invited bids from merchant bankers to manage its $350-500 million issue of senior unsecured/tier-II capital bonds under its medium-term note (MTN) programme. The issue size may......

Alembic Pharma gets USFDA's nod for Acetazolamide Extended-Release Capsules

Alembic Pharmaceuticals (Alembic) has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acetazolamide Extended-Release Capsules, 500......