Today, Crude futures lost ground in early Asian trading, with US oil sinked over 2 per-cent on festering worries over a world wide supply surplus.
US crude's West Texas Intermediate (WTI) January contract had dropped 78 cents, or 1.86 percent, to $41.12 a barrel by 0340 GMT. It hit $40.96 a barrel earlier in the session, near levels seen on Friday before the US crude December contract expired.
Benchmark front-month Brent futures for January fell 47 cents, or 1.05 percent, to $44.19 a barrel, recovering from a session-low of $44.04. "The burden of carrying high United States crude oil inventories is large reports concluded.
"The markets would likely rebound only if they saw a fall in US crude inventories, while declining US crude output and seasonal requirement provide some support to oil at low prices.
US crude's West Texas Intermediate (WTI) January contract had dropped 78 cents, or 1.86 percent, to $41.12 a barrel by 0340 GMT. It hit $40.96 a barrel earlier in the session, near levels seen on Friday before the US crude December contract expired.
Benchmark front-month Brent futures for January fell 47 cents, or 1.05 percent, to $44.19 a barrel, recovering from a session-low of $44.04. "The burden of carrying high United States crude oil inventories is large reports concluded.
"The markets would likely rebound only if they saw a fall in US crude inventories, while declining US crude output and seasonal requirement provide some support to oil at low prices.
Read More : Mcx crude tips
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