Investing.com - Financial Markets Worldwide

Crude Oil Edges Lower on Global Economic Concerns

ByCommodityOnline
Published 03/05/2012, 11:45 PM
Updated 05/14/2017, 06:45 AM

On a weekly basis, Nymex crude oil prices declined sharply by almost 3 percent on the back of strength in the dollar coupled with news that Saudi Arabia has denied a reported pipeline explosion in the country’s eastern province.

However, MCX Crude oil March contract dropped around 1.5 percent last week, as Rupee depreciation resisted further decline on the domestic bourses.

Oil prices touched a low of $104.84/bbl last week and ended its trading session at $106.70/bbl on Friday. On the MCX, crude oil prices touched a low of Rs5182/bbl and closed at Rs.5294/bbl last week.

Natural Gas

Nymex natural gas prices traded lower by 3.2 percent last week on the back of less than expected fall in US natural gas inventories along with mild weather forecasts. Moreover, strength in the US dollar also acted as a negative factor for gas prices.

Natural gas touched a low of $2.444/mmbtu and ended at the level of $2.466/mmbtu in the last week. However, natural gas prices on the domestic platform rose around 1 percent due to a weaker Rupee and closed at Rs.124.8/mmbtu last week.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.