At $27, oil unsure of lower limit

Oil futures fell further on Wednesday, with US crude touching its lowest since 2003, as a global supply glut bumped up against bearish financial news that sparked deeper worries over demand.

US crude oil CLc1 dropped more than 4% in early trading, falling to as far as $27.32 a barrel. It bounced back to trade down 70 cents at $27.76. The contract settled down 96 cents, or 3.26%, in the previous session.
With oil being fundamentally weak, it should be moving down even further.” Brent futures LCOc1 fell by 75 cents to $28.01a barrel, after trading as low as $27.77, not far from the 12-year trough of $27.67 hit on Monday.

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Posted in: Indian Market Tips