Downbeat jobless claims data weighs on crude oil
futures
23/05/2014 09:22
Crude oil futures ended lower in the domestic market on Thursday as investors and speculators booked profits 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. The number of Americans who filed for unemployment benefit claims rose last week, signaling a cooling labour market recovery in the world’s biggest economy, clouding the demand outlook for the fuel. US jobless claims climbed 28,000 to 326,000 in the week ended May 17, the Labour Department said. However, a pickup in US manufacturing and leading index boded well for the demand outlook for the fuel, curbing losses in crude oil futures. Manufacturing in the US rose at the fastest pace in three years as the gauge measuring manufacturing rose to 56.2 in May from 55.4 in the previous month, with a reading above 50 signaling expansion, Markit said. The index of US leading indicators rose for the fourth month on the trot, up 0.4 per cent in April 2014 from the previous month when it climbed 1 per cent. Crude oil futures may rise today as investors’ asses a pickup in demand for the fuel from the US. At the MCX, Crude Oil futures, for the June 2014 contract closed at Rs 6,083 per barrel, down by 0.78 per cent, after opening at Rs 6,130, against a previous close of Rs 6,131. It touched an intra-day low of Rs 6,075.
23/05/2014 09:22
Crude oil futures ended lower in the domestic market on Thursday as investors and speculators booked profits 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. The number of Americans who filed for unemployment benefit claims rose last week, signaling a cooling labour market recovery in the world’s biggest economy, clouding the demand outlook for the fuel. US jobless claims climbed 28,000 to 326,000 in the week ended May 17, the Labour Department said. However, a pickup in US manufacturing and leading index boded well for the demand outlook for the fuel, curbing losses in crude oil futures. Manufacturing in the US rose at the fastest pace in three years as the gauge measuring manufacturing rose to 56.2 in May from 55.4 in the previous month, with a reading above 50 signaling expansion, Markit said. The index of US leading indicators rose for the fourth month on the trot, up 0.4 per cent in April 2014 from the previous month when it climbed 1 per cent. Crude oil futures may rise today as investors’ asses a pickup in demand for the fuel from the US. At the MCX, Crude Oil futures, for the June 2014 contract closed at Rs 6,083 per barrel, down by 0.78 per cent, after opening at Rs 6,130, against a previous close of Rs 6,131. It touched an intra-day low of Rs 6,075.
