| Crude oil futures suffer sharp cuts on demand concern | |
| Sep 03,2014 08:37 Hrs IST | |
Crude oil futures suffered sharp cuts on Tuesday to snap their four days gaining streak. There were concerns over demand growth prospects as the dollar strengthened against some major currencies, the greenback firmed up after the Institute for Supply Management reported that its manufacturing purchasing managers’ index jumped to 59.0 in August from 57.1 in July. Also there was weak Chinese factory data that outweighing persistent worries about the situation in Ukraine. There were mounting concerns that global supply is far outreaching demand
Benchmark crude oil futures for October delivery, plunged by $3.08 or 3.2 percent to close at $92.88 a barrel after trading in a range $95.91 and $92.68 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for October delivery declined by 2.14 percent to $100.60 a barrel on the ICE.
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Wednesday, 3 September 2014
Crude oil futures suffer sharp cuts on demand concern
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