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Free MCX Tips: Crude Oil ends lower on sluggish demand outlook

Discussion in 'Stock Market Discussions' started by Anik singh, Oct 26, 2015.

  1. Anik singh

    Anik singh New Member

    Jul 14, 2015
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    Crude oil futures ended lower in the national market on Friday in the midst of a minuscule build in US oil rigs last week. Oil services firm Baker Hughes said the US oil rig count for the week ending on Oct. 16 fell by 1 to 594.....
    #1 Anik singh, Oct 26, 2015
    Last edited by a moderator: Oct 27, 2015
  2. capitalstars05

    capitalstars05 New Member

    Sep 26, 2014
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    CRUDE OIL: At the end of the week, two central bank actions should have seen oil rising but failed. Oil traders have been considering the prospects of new stimulus measures from the European Central Bank.
    The People’s Bank of China dumped more stimulus into the markets by cutting its two key interest rates. China’s central bank announced that it is cutting interest rates by 25 basis points along with a 50 basis point reduction in reserve requirements at banks. These actions should stimulate both demand and supply of bank credit.
    These two events alone should have sent oil climbing but had no effect on oil prices. Oil markets have been over-supplied since the beginning of 2014.

    Faith Birol, executive director of the International Energy Agency, is expecting still further declines in oil industry investment in the coming year. Speaking at Singapore International Energy Week on Monday, he said it would be the first time in two decades that oil investment declines for two consecutive years.

    Industry group Baker Hughes reported late on Friday that the number of rigs drilling for oil in the U.S. dropped by one last week to 594, making it the eighth straight weekly drop.

    Fed is not expected to raise rates at this week’s meeting, investors will be watching for clues on its take on the global economy and whether a hike could come in December.

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