Robust US supply data lifts crude oil futures
22/05/2014 09:28
Crude oil futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a bullish trend in the overseas market after a report said that US crude oil stockpiles slumped last week, signaling a pickup in demand for the fuel in the world’s biggest crude oil consumer. US crude oil stockpiles fell 7.23 million barrels to 391.3 million barrels in the week ended May 16, the EIA said. US crude imports tumbled to the lowest level in 17 years, down by 9.2 per cent or by 658,000 barrels to 6.47 million barrels last week as output surged to a 28-year high. Lingering tensions in Ukraine and Libya continued to irk supply fears over the fuel. Russian Prime Minister Dmitry Medvedev said that the US and its allies are risking fueling a cold war while Ukraine stressed that there has been no pullback of Russian troops from the country’s eastern border, raising fears over further sanctions by the West against Russia, the world’s biggest energy exporter. Crude oil futures may rise today after stabilization in China’s manufacturing lifted the demand outlook for the fuel. At the MCX, Crude Oil futures, for the June 2014 contract closed at Rs 6,131 per barrel, up by 1.93 per cent, after opening at Rs 6,031, against a previous close of Rs 6,015. It touched an intra-day high of Rs 6,139.
22/05/2014 09:28
Crude oil futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a bullish trend in the overseas market after a report said that US crude oil stockpiles slumped last week, signaling a pickup in demand for the fuel in the world’s biggest crude oil consumer. US crude oil stockpiles fell 7.23 million barrels to 391.3 million barrels in the week ended May 16, the EIA said. US crude imports tumbled to the lowest level in 17 years, down by 9.2 per cent or by 658,000 barrels to 6.47 million barrels last week as output surged to a 28-year high. Lingering tensions in Ukraine and Libya continued to irk supply fears over the fuel. Russian Prime Minister Dmitry Medvedev said that the US and its allies are risking fueling a cold war while Ukraine stressed that there has been no pullback of Russian troops from the country’s eastern border, raising fears over further sanctions by the West against Russia, the world’s biggest energy exporter. Crude oil futures may rise today after stabilization in China’s manufacturing lifted the demand outlook for the fuel. At the MCX, Crude Oil futures, for the June 2014 contract closed at Rs 6,131 per barrel, up by 1.93 per cent, after opening at Rs 6,031, against a previous close of Rs 6,015. It touched an intra-day high of Rs 6,139.
