Commodity Tips | Crude oil futures were trading little changed all along morning trade in the domestic market on Friday as investors and theorist resorted to a cautious stance as a slump in China industrial profits signaled fears of a hard landing in the world’s second largest economy, clouding the demand outlook for the fuel.
China’s industrial profits fell by 4.6%, year on year in Oct 2015, Gov. data showed.
Meanwhile, traders are also eying the outcome of the OPEC meet on Dec 4, 2015, although there is a thin possibility that the cartel will move to cut production to support prices, as it continues to fixed market share.
At the MCX, Crude oil futures, for the December 2015 contract, is trading at Rs 2,852/barrel, up by 0.04%, after opening at 2,854, against the previous close price of Rs 2,851. It touched an intra-day low of Rs 2,851. (At 10:08 AM).
China’s industrial profits fell by 4.6%, year on year in Oct 2015, Gov. data showed.
Meanwhile, traders are also eying the outcome of the OPEC meet on Dec 4, 2015, although there is a thin possibility that the cartel will move to cut production to support prices, as it continues to fixed market share.
At the MCX, Crude oil futures, for the December 2015 contract, is trading at Rs 2,852/barrel, up by 0.04%, after opening at 2,854, against the previous close price of Rs 2,851. It touched an intra-day low of Rs 2,851. (At 10:08 AM).
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