Crude oil futures end higher on US supply data
04/06/2014 09:26
Crude oil futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after US crude oil stockpiles fell last week, signaling improving demand for the fuel in the world’s biggest crude oil consumer. US crude oil stockpiles fell by 1.4 million barrels last week, the API said. Crude stockpiles at Cushing, the biggest oil storage hub in the US fell 300,000 barrels last week. US factory orders rose in April, up by 0.7 per cent from March, signaling a rebound in manufacturing in the world’s biggest economy, lifting the demand outlook for the fuel. Consumer confidence in the US rose this month, bolstering the demand outlook for the fuel. The IBD/TIPP Economic Optimism rose to 47.7 in June from 45.8 in the previous month. Crude oil futures may rise today ahead of EIA data which may show a drop in US crude stockpiles last week. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,093 per barrel, up by 0.48 per cent, after opening at Rs 6,078 against a previous close of Rs 6,064. It touched an intra-day high of Rs 6,112.
04/06/2014 09:26
Crude oil futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after US crude oil stockpiles fell last week, signaling improving demand for the fuel in the world’s biggest crude oil consumer. US crude oil stockpiles fell by 1.4 million barrels last week, the API said. Crude stockpiles at Cushing, the biggest oil storage hub in the US fell 300,000 barrels last week. US factory orders rose in April, up by 0.7 per cent from March, signaling a rebound in manufacturing in the world’s biggest economy, lifting the demand outlook for the fuel. Consumer confidence in the US rose this month, bolstering the demand outlook for the fuel. The IBD/TIPP Economic Optimism rose to 47.7 in June from 45.8 in the previous month. Crude oil futures may rise today ahead of EIA data which may show a drop in US crude stockpiles last week. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,093 per barrel, up by 0.48 per cent, after opening at Rs 6,078 against a previous close of Rs 6,064. It touched an intra-day high of Rs 6,112.
