Crude oil stockpiles dip as US economy contracts
30/05/2014 17:56
Crude oil futures fell in the domestic market on Friday as investors and speculators exited positions in the energy commodity after a rise in US crude oil stockpiles signaled weakening demand for the fuel in the world’s biggest crude oil consumer. US crude oil stockpiles rose 1.66 million barrels to 393 million barrels last week. Further, a contraction in the world’s biggest economy last quarter clouded the demand outlook for the fuel. US economy shrank at a 1 per cent annualized rate in Q1 2014. At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,106 per barrel, down by 0.36 per cent, after opening at Rs 6,107, against a previous close of Rs 6,128. It touched an intra-day low of Rs 6,097. (At 16:52 PM).
30/05/2014 17:56
Crude oil futures fell in the domestic market on Friday as investors and speculators exited positions in the energy commodity after a rise in US crude oil stockpiles signaled weakening demand for the fuel in the world’s biggest crude oil consumer. US crude oil stockpiles rose 1.66 million barrels to 393 million barrels last week. Further, a contraction in the world’s biggest economy last quarter clouded the demand outlook for the fuel. US economy shrank at a 1 per cent annualized rate in Q1 2014. At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,106 per barrel, down by 0.36 per cent, after opening at Rs 6,107, against a previous close of Rs 6,128. It touched an intra-day low of Rs 6,097. (At 16:52 PM).
