Petroleum: Crude oil futures down by 1.03 % in Noon

Crude oil futures fall by more than 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity as US dollar strengthened after US Fed’s interest rate hike verdict.

At the MCX, for December 2016 crude oil futures contract is trading at Rs 3,451 per barrel, downward by 1.03 per cent, after opening at Rs 3,482, against a last close of Rs 3,487. It touched the intra-day lower of Rs 3,447.

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Demonetisation shock : Oil demand growth in India will slowdown

Oil demand growth in the world's rapidly-growing crude market may weaken as the government's cash crackdown slows the economy. 

Diesel and gasoline use, which account for more than half of India's oil demand, will slow or contract this month and perhaps early next year, as per reports. Expansion in the world's fastest-growing major economy is universally expected to ease temporarily after Prime Minister Modi last month withdrew high-value currency notes in a country where almost all consumer payments are in cash. 

Diesel consumption could drop as much as 12 % and gasoline demand as much as 7 % his month, according to reports.

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Commodity: Crude oil drop on renewed doubts on OPEC-led production cut

Crude Oil prices fell in Asian trade on Wednesday, altering earlier gains, as doubts re-emerged over whether OPEC would agree to a crude oil production cut at a ministerial meet next week.  

A strong dollar, which traded close by the 13 1/2-year peak hit last week, also weighed on prices among thin trading ahead of the US Thanksgiving holiday on Thursday. 

International Brent crude oil futures dropped 8 cents to $49.04 a barrel at 0548 GMT after climbing to $49.42 a barrel earlier in Wednesday's session on optimism OPEC would agree to an output cut. 

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Crude oil low as U.S. crude supplies drop in market

On Thursday Crude oil futures closed down in the domestic market after data showed an unexpected weekly drop in U.S. crude supplies & optimism surrounding the Organization of the Petroleum Exporting countries’ plan to limit output lifted prices in New York to their top level since mid-July of last year.

Numerous market spectators aren’t enthused by the deal, saying the group’s longstanding internal tensions will make it difficult for all members to be on board. Even if a deal is struck, it remains a question if the members would follow to the production quotas.

At the MCX, crude oil futures for October 2016 contract closed at Rs 3395 per barrel, downward by 2.22 %, after opening at Rs 3463, against a last close of Rs 3472. It touched the intra-day low of Rs 3385.

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