Crude oil futures dip as US oil demand falls
Crude oil futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as US petroleum consumption fell last week, signaling weak demand in the world’s biggest crude consumer. US total oil demand fell by 1.6 per cent or 297,000 barrels per day to 18.6 million barrels last week, the EIA said. Despite a drawdown in US crude oil stockpiles last week, inventories remain near record high levels, a sign that supplies are ample. US Federal Reserve Chairman Janet Yellen expressed concerns over the recent weakness in the country’s housing sector, clouding the demand outlook for the fuel. The number of Americans who filed for jobless claims last week fell more than expected, signaling a pickup in the labour market of the world’s biggest economy, supporting the demand outlook for the fuel, trimming losses in crude oil futures. US jobless claims fell 26,000 to 319,000 last week, the Labour Department said. Crude oil futures may rise today as an improving US economy may bolster demand for the fuel. At the MCX, Crude Oil futures, for the May 2014 contract closed at Rs 6,008 per barrel, down by 0.41 per cent, after opening at Rs 6,050, against a previous close of Rs 6,033. It touched an intra-day low of Rs 5,992.
Crude oil futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as US petroleum consumption fell last week, signaling weak demand in the world’s biggest crude consumer. US total oil demand fell by 1.6 per cent or 297,000 barrels per day to 18.6 million barrels last week, the EIA said. Despite a drawdown in US crude oil stockpiles last week, inventories remain near record high levels, a sign that supplies are ample. US Federal Reserve Chairman Janet Yellen expressed concerns over the recent weakness in the country’s housing sector, clouding the demand outlook for the fuel. The number of Americans who filed for jobless claims last week fell more than expected, signaling a pickup in the labour market of the world’s biggest economy, supporting the demand outlook for the fuel, trimming losses in crude oil futures. US jobless claims fell 26,000 to 319,000 last week, the Labour Department said. Crude oil futures may rise today as an improving US economy may bolster demand for the fuel. At the MCX, Crude Oil futures, for the May 2014 contract closed at Rs 6,008 per barrel, down by 0.41 per cent, after opening at Rs 6,050, against a previous close of Rs 6,033. It touched an intra-day low of Rs 5,992.
