Crude Oil Tepid Ahead Of Holiday Season

Crude oil futures were trading on subdued note during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the energy commodity ahead of the upcoming Christmas weekend and the week running up to New Year. 

 

Investors begin to unwind positions without expecting to take up new ones until new year starts. Also, in the absence of any major price-moving news, markets would likely to remain tepid this week. 

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At the MCX, crude oil futures for January 2017 contract is trading at Rs 3,610 per barrel, down by 0.22 per cent, after opening at Rs 3,603, against a previous close of Rs 3,618. It touched the intra-day low of Rs 3,599.

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