Crude Oil ends lower on easing supply concerns
08/07/2014 09:39
Crude oil futures ended lower in the domestic market on Monday on easing supply concerns over the fuel in the midst of a resumption of Libyan exports and tempering fears of a disruption to Iraqi oil shipments as the country’s oil-rich region remains safe from violence. However, losses were curbed amid hopes that a pickup in the world’s biggest economy, the US, may bolster the demand for the fuel. The International Monetary Fund (IMF) said that the US economic growth is likely to accelerate in the coming months while Asian economies may avoid a hard landing. Losses were also limited after investor confidence in the euro zone for July improved unexpectedly, easing concerns over the outlook for the region’s economy which raised the demand outlook for the fuel. Sentix said its index of investor confidence rose to 10.1 this month from a reading of 8.5 in June. Crude oil futures may trade on a cautious note today ahead of the US data to be released today. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,215 per barrel, down by 0.11 per cent, after opening at Rs 6,235, against a previous close of Rs 6,222. It touched an intra-day low of Rs 6,196
08/07/2014 09:39
Crude oil futures ended lower in the domestic market on Monday on easing supply concerns over the fuel in the midst of a resumption of Libyan exports and tempering fears of a disruption to Iraqi oil shipments as the country’s oil-rich region remains safe from violence. However, losses were curbed amid hopes that a pickup in the world’s biggest economy, the US, may bolster the demand for the fuel. The International Monetary Fund (IMF) said that the US economic growth is likely to accelerate in the coming months while Asian economies may avoid a hard landing. Losses were also limited after investor confidence in the euro zone for July improved unexpectedly, easing concerns over the outlook for the region’s economy which raised the demand outlook for the fuel. Sentix said its index of investor confidence rose to 10.1 this month from a reading of 8.5 in June. Crude oil futures may trade on a cautious note today ahead of the US data to be released today. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,215 per barrel, down by 0.11 per cent, after opening at Rs 6,235, against a previous close of Rs 6,222. It touched an intra-day low of Rs 6,196
