Upbeat US supplies data lifts crude oil futures
12/06/2014 09:21
Crude oil futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity after a decline in crude oil stockpiles in the US signaled a pickup in fuel demand in the world’s biggest crude oil consumer. US crude oil stockpiles fell by 2.6 million barrels to 386.9 million barrels last week, the EIA reported. Supplies at Cushing, the biggest US oil storage hub, fell 198,000 barrels to 21.2 million barrels last week. As expected, the OPEC kept unchanged its production target of 30 million barrels per day, a level which is lower than the forecasted demand for the remainder of the year, boosting prices. Fierce fighting in Iraq raised concerns over disruption in crude oil supplies from the Middle East. The US budget deficit narrowed in May as an improving economy and a pickup in hiring bolstered government revenue. The US budget deficit shrank to USD 130 billion in May 2014 from USD 139 billion in the same month a year ago. Crude oil futures may rise today after China pledged new steps to boost economic growth, lifting the demand outlook for the fuel. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,194 per barrel, up by 0.39 per cent, after opening at Rs 6,179 against a previous close of Rs 6,170. It touched an intra-day high of Rs 6,224.
12/06/2014 09:21
Crude oil futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity after a decline in crude oil stockpiles in the US signaled a pickup in fuel demand in the world’s biggest crude oil consumer. US crude oil stockpiles fell by 2.6 million barrels to 386.9 million barrels last week, the EIA reported. Supplies at Cushing, the biggest US oil storage hub, fell 198,000 barrels to 21.2 million barrels last week. As expected, the OPEC kept unchanged its production target of 30 million barrels per day, a level which is lower than the forecasted demand for the remainder of the year, boosting prices. Fierce fighting in Iraq raised concerns over disruption in crude oil supplies from the Middle East. The US budget deficit narrowed in May as an improving economy and a pickup in hiring bolstered government revenue. The US budget deficit shrank to USD 130 billion in May 2014 from USD 139 billion in the same month a year ago. Crude oil futures may rise today after China pledged new steps to boost economic growth, lifting the demand outlook for the fuel. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,194 per barrel, up by 0.39 per cent, after opening at Rs 6,179 against a previous close of Rs 6,170. It touched an intra-day high of Rs 6,224.
