Crude oil futures dip amid profit booking
22/05/2014 10:55
Crude oil futures fell in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after a stellar rally in the previous session as a sharp dip in US crude oil stockpiles signaled a pickup in fuel demand in the world’s biggest crude oil consumer. Caution ahead of a spate of US economic data today including initial jobless claims, existing home sales, leading indicators and manufacturing for the month of May weighed on sentiment. However, stabilization in Chinese factory activity in May eased concerns over the country’s economic slowdown, curbing losses in crude oil futures. At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,112 per barrel, down by 0.31 per cent, after opening at Rs 6,130, against a previous close of Rs 6,131. It touched an intra-day low of Rs 6,109. (At 10:36 AM).
22/05/2014 10:55
Crude oil futures fell in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after a stellar rally in the previous session as a sharp dip in US crude oil stockpiles signaled a pickup in fuel demand in the world’s biggest crude oil consumer. Caution ahead of a spate of US economic data today including initial jobless claims, existing home sales, leading indicators and manufacturing for the month of May weighed on sentiment. However, stabilization in Chinese factory activity in May eased concerns over the country’s economic slowdown, curbing losses in crude oil futures. At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,112 per barrel, down by 0.31 per cent, after opening at Rs 6,130, against a previous close of Rs 6,131. It touched an intra-day low of Rs 6,109. (At 10:36 AM).
