Iraq fears lift Crude oil futures
23/06/2014 08:18
Crude oil futures ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as deepening unrest in Iraq, the second biggest oil producer in the OPEC, raised concerns over supply disruption from the Middle East country. The US was set to send 300 military advisors to the war-torn nation to help the country stem the threat of extremists who continued to seize control of cities north of Baghdad. Prices also rose after Enterprise Products Partners said that it has reopened the Seaway pipeline which carries oil from Cushing to refineries along the US Gulf Coast, raising speculation of a ease in glut in the biggest US oil storage hub. Payrolls in 36 US cities climbed in May while the jobless rate fell in 20, signaling a pickup in the labour market of the world’s biggest economy, lifting the demand outlook for the fuel. Crude futures may rise today amid deepening concerns that tensions in Iraq may threaten global supplies as extremists seized more territory. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,460 per barrel, up by 0.78 per cent, after opening at Rs 6,424 against a previous close of Rs 6,410. It touched an intra-day high of Rs 6,467.
23/06/2014 08:18
Crude oil futures ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as deepening unrest in Iraq, the second biggest oil producer in the OPEC, raised concerns over supply disruption from the Middle East country. The US was set to send 300 military advisors to the war-torn nation to help the country stem the threat of extremists who continued to seize control of cities north of Baghdad. Prices also rose after Enterprise Products Partners said that it has reopened the Seaway pipeline which carries oil from Cushing to refineries along the US Gulf Coast, raising speculation of a ease in glut in the biggest US oil storage hub. Payrolls in 36 US cities climbed in May while the jobless rate fell in 20, signaling a pickup in the labour market of the world’s biggest economy, lifting the demand outlook for the fuel. Crude futures may rise today amid deepening concerns that tensions in Iraq may threaten global supplies as extremists seized more territory. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,460 per barrel, up by 0.78 per cent, after opening at Rs 6,424 against a previous close of Rs 6,410. It touched an intra-day high of Rs 6,467.
