Commodity Market Updates For Sept 14, 2016
Crude oil futures were trading lower in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity as the International Energy Agency (IEA) downgraded its crude-demand predictions and warned that supply will continue to outpace demand well into 2017. The IEA in its closely watched monthly report downgraded its global oil demand forecast by about 100,000 barrels a day for this year to growth of 1.3 million barrels a day, and cut its forecast for 2017 by 200,000 barrels to growth of 1.2 million barrels a day. At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,026 per barrel, down by 0.23 per cent, after opening at Rs 3,033, against a previous close of Rs 3,033. It touched the intra-day low of Rs 3,026.
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