Crude oil futures continue upward journey
05/06/2014 09:37
Crude oil futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as a dip in US crude oil stockpiles signaled a pickup in fuel demand in the world’s biggest crude oil consumer. US crude oil stockpiles fell 3.43 million barrels to 389.5 million barrels last week, the EIA said. Services in the US rose at the fastest pace in nine months in May 2014, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. US services gauge rose to 56.3 in May from 55.2 in April, with a reading above 50 signaling expansion. However, weak US jobs and trade deficit data curbed gains in the fuel. Companies in the US added 179,000 jobs in May, down from 215,000 in April, signaling an uneven labour market recovery.US trade deficit widened to the highest level in two years at USD 47.2 billion in April from USD 44.2 billion in the previous month. Crude oil futures may fall today as investors stay cautious ahead of tomorrow’s jobs data. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,101 per barrel, up by 0.13 per cent, after opening at Rs 6,105, against a previous close of Rs 6,093. It touched an intra-day high of Rs 6,159.
05/06/2014 09:37
Crude oil futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as a dip in US crude oil stockpiles signaled a pickup in fuel demand in the world’s biggest crude oil consumer. US crude oil stockpiles fell 3.43 million barrels to 389.5 million barrels last week, the EIA said. Services in the US rose at the fastest pace in nine months in May 2014, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. US services gauge rose to 56.3 in May from 55.2 in April, with a reading above 50 signaling expansion. However, weak US jobs and trade deficit data curbed gains in the fuel. Companies in the US added 179,000 jobs in May, down from 215,000 in April, signaling an uneven labour market recovery.US trade deficit widened to the highest level in two years at USD 47.2 billion in April from USD 44.2 billion in the previous month. Crude oil futures may fall today as investors stay cautious ahead of tomorrow’s jobs data. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,101 per barrel, up by 0.13 per cent, after opening at Rs 6,105, against a previous close of Rs 6,093. It touched an intra-day high of Rs 6,159.
