Weak US consumer data weighs on crude oil futures
02/06/2014 09:15
Crude oil futures ended lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity as a dip in US consumer confidence and household spending signaled a cooling recovery in the world’s biggest economy, clouding the demand outlook for the fuel. The gauge measuring US consumer confidence fell to 81.9 in May from 84.1 in April. Thomson Reuters said. US consumer spending fell 0.1 per cent in April 2014 over the previous month, marking the first decrease in a year. Easing supply concerns also weighed on the energy commodity as Russia pulled back most of its troops from the Ukrainian border, dimming chances of further sanctions against Russia, the world’s biggest energy exporter. Crude oil futures may rise today after an expansion in Chinese manufacturing bolstered the demand outlook for the fuel. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,106 per barrel, down by 0.36 per cent, after opening at Rs 6,107, against a previous close of Rs 6,128. It touched an intra-day low of Rs 6,077
02/06/2014 09:15
Crude oil futures ended lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity as a dip in US consumer confidence and household spending signaled a cooling recovery in the world’s biggest economy, clouding the demand outlook for the fuel. The gauge measuring US consumer confidence fell to 81.9 in May from 84.1 in April. Thomson Reuters said. US consumer spending fell 0.1 per cent in April 2014 over the previous month, marking the first decrease in a year. Easing supply concerns also weighed on the energy commodity as Russia pulled back most of its troops from the Ukrainian border, dimming chances of further sanctions against Russia, the world’s biggest energy exporter. Crude oil futures may rise today after an expansion in Chinese manufacturing bolstered the demand outlook for the fuel. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,106 per barrel, down by 0.36 per cent, after opening at Rs 6,107, against a previous close of Rs 6,128. It touched an intra-day low of Rs 6,077
