Robust US supplies data lifts crude oil futures
Crude oil futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking gains in the overseas market after a drop in US crude oil stockpiles signaled a pickup in fuel demand in the world’s biggest crude oil consumer. US crude oil stockpiles fell by 1.8 million barrels to 397.6 million barrels last week as supplies at Cushing dropped, the EIA said. Fears that further sanctions against Russia, the world’s biggest energy exporter, may crimp global crude supplies, also lifted prices. The US is in discussion with the EU to impose a third round of sanctions against Russia which may include energy and financial companies. Consumer credit in the US rose at the fastest pace in more than a year in March 2014, lifting the demand outlook for the fuel. US consumer credit climbed USD 17.5 billion in March 2014 over the previous month. Crude oil futures may rise today as a rebound in China’s exports and imports signaled an improving demand outlook for the fuel. At the MCX, Crude Oil futures, for the May 2014 contract, closed at Rs 6,033 per barrel, up by 0.45 per cent, after opening at Rs 6,010, against a previous close of Rs 6,006. It touched an intra-day high of Rs 6,060.
Crude oil futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking gains in the overseas market after a drop in US crude oil stockpiles signaled a pickup in fuel demand in the world’s biggest crude oil consumer. US crude oil stockpiles fell by 1.8 million barrels to 397.6 million barrels last week as supplies at Cushing dropped, the EIA said. Fears that further sanctions against Russia, the world’s biggest energy exporter, may crimp global crude supplies, also lifted prices. The US is in discussion with the EU to impose a third round of sanctions against Russia which may include energy and financial companies. Consumer credit in the US rose at the fastest pace in more than a year in March 2014, lifting the demand outlook for the fuel. US consumer credit climbed USD 17.5 billion in March 2014 over the previous month. Crude oil futures may rise today as a rebound in China’s exports and imports signaled an improving demand outlook for the fuel. At the MCX, Crude Oil futures, for the May 2014 contract, closed at Rs 6,033 per barrel, up by 0.45 per cent, after opening at Rs 6,010, against a previous close of Rs 6,006. It touched an intra-day high of Rs 6,060.
