Breaking News

You are here » Indian-Commodity  :  Commodities  :  Other Commodities  :  Nymex crude ends modestly higher on Tuesday

07-Sep2016

Nymex crude ends modestly higher on Tuesday

Crude oil futures moved modestly higher on Tuesday on expectations of a supply cut from Saudi Arabia and Russia. The world's two biggest producers agreed to act if prices fall much further from current sub-$50 levels. However, Saudi Energy Minister Khalid al-Falih said there was no need to freeze output for now. Also, the dollar was lower, underpinning demand for oil. There was some concern on weak Services data as well, after the Institute for Supply Management said its nonmanufacturing index fell to 51.4 last month from 55.5 in July- the slowest pace of growth since 2010.

Benchmark crude oil futures for October delivery dropped $0.39 or 0.90 percent to close at $44.83 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for November delivery declined by $0.22 or 0.46 percent to $47.41a barrel on the ICE.


Related News

View all news

Coriander futures trade higher on improved demand

Coriander futures traded higher on NCDEX as participants enlarged their holdings on the back of improved demand at the spot market. Further, lower arrivals from major producing regions also fuelled the......

Coriander futures edge down on muted demand

Coriander futures edged down on NCDEX as participants cut down their bets amid muted demand at the spot market. Besides, increased supplies from major producing regions also weighed on coriander futures.The......

Coriander futures trade higher on tight supplies

Coriander futures traded higher on NCDEX as traders widened their holdings, tracking rising demand at the domestic spot market. Further, tight supplies from major growing regions also added support to......

Top News

View all news

City Union Bank opens four new branches in Tamil Nadu

City Union Bank has opened four new branches in the state of Tamil Nadu on February 22, 2019. The bank has inaugurated 621th and 622nd branch at Nambiyur and Moolapalayam, respectively. The bank has also......

Syndicate Bank enters into partnership with Srei Equipment Finance

Syndicate Bank has entered into partnership with Srei Equipment Finance to jointly provide financing for construction and farm equipment. Under the arrangement, Syndicate Bank would leverage on its low-cost......

Tata Motors to supply 80 Electric buses to West Bengal Transport Corporation

Tata Motors will supply 80 Electric buses to the West Bengal Transport Corporation (WBTC). The company has already supplied 20 Ultra Electric 9/9m AC E-buses, with remaining 20 9/9m AC E-buses scheduled......