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MTECHTIPS:-CRUDEOIL
Nymex crude oil prices declined around 4.2 percent in the last week on the back of rise in the US crude oil inventories and weak demand from the consuming nations. Additionally, strength in the DX also added downside pressure on the crude oil prices.However, sharp downside in the prices was cushioned on the back of Tropical Storm Sandy expected to hit East Coast of US on Tuesday (October 30, 2012). Crude oil prices touched a weekly low of $84.94/bbl and closed at $86.28/bbl on Friday.On the domestic bourses, prices declined 3.9 percent and closed at Rs.4,669/bbl after touching a low of Rs.4,610/bbl in last week.
Nymex crude oil prices declined around 4.2 percent in the last week on the back of rise in the US crude oil inventories and weak demand from the consuming nations. Additionally, strength in the DX also added downside pressure on the crude oil prices.However, sharp downside in the prices was cushioned on the back of Tropical Storm Sandy expected to hit East Coast of US on Tuesday (October 30, 2012). Crude oil prices touched a weekly low of $84.94/bbl and closed at $86.28/bbl on Friday.On the domestic bourses, prices declined 3.9 percent and closed at Rs.4,669/bbl after touching a low of Rs.4,610/bbl in last week.
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