Easing supply fears push Crude oil futures lower
27/06/2014 09:52
Crude oil futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the energy commodity amid speculation that violence in Iraq may not disrupt crude shipments from OPEC’s second biggest crude producer. Iraq’s Oil Minister Abdul Kareem al-Luaibi said that the country’s oil exports may accelerate in July as the southern part, which accounts for three-fourth of Iraq’s total crude output remains safe from violence. However, a fall in the number of Americans who filed for jobless claims last week and a rise in consumer spending signaled a pickup in the world’s biggest economy, lifting the demand outlook for the fuel, curbing losses in crude futures. US unemployment claims fell 2,000 to 312,000 last week. Consumer spending rose 0.2 per cent in May from the previous month, when it had stalled. Crude oil futures may trade on a subdued note today amid easing supply concerns over Iraq. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,385 per barrel, down by 0.67 per cent, after opening at Rs 6,438, against a previous close of Rs 6,428. It touched an intra-day low of Rs 6,348.
27/06/2014 09:52
Crude oil futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the energy commodity amid speculation that violence in Iraq may not disrupt crude shipments from OPEC’s second biggest crude producer. Iraq’s Oil Minister Abdul Kareem al-Luaibi said that the country’s oil exports may accelerate in July as the southern part, which accounts for three-fourth of Iraq’s total crude output remains safe from violence. However, a fall in the number of Americans who filed for jobless claims last week and a rise in consumer spending signaled a pickup in the world’s biggest economy, lifting the demand outlook for the fuel, curbing losses in crude futures. US unemployment claims fell 2,000 to 312,000 last week. Consumer spending rose 0.2 per cent in May from the previous month, when it had stalled. Crude oil futures may trade on a subdued note today amid easing supply concerns over Iraq. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,385 per barrel, down by 0.67 per cent, after opening at Rs 6,438, against a previous close of Rs 6,428. It touched an intra-day low of Rs 6,348.
