Monday, 8 February 2016
Live Mcx Market News On Crude oil
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Crude oil futures sank more than 1 per cent in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking weakness in the overseas market as a stronger dollar curbed the lure for the fuel as an alternative asset. Stronger greenback makes dollar-denominated commodities such as oil more expensive for those holding other currencies, thus dimming demand. The dollar rose as a fairly upbeat January jobs report raised speculation of a US Federal Reserve interest rate hike this year.
Oil may rebound today after Saudi Arabia’s Oil Minister Ali al- Naimi said that talks with his Venezuelan counterpart over measures to co-operate and stabilize the oil market, were successful, even as he declined to outline the steps producers needed to take to bolster beaten down prices.