Crude Oil ends lower on weak demand outlook
09/07/2014 09:39
Crude oil futures ended lower in the domestic market on Tuesday after U.S. API weekly crude stocks fell less-than-expected last week, official data showed on Tuesday indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. American Petroleum Institute said that U.S. API Weekly Crude Stock fell to -1.700M, from -0.876M in the preceding week. However, losses were curbed after the number of job openings in the U.S. rose more than expected in May, fuelling optimism over the strength of the labor market which limited the decline in the commodity. The U.S. Labor Department said that the number of job openings, excluding the farming industry, rose to 4.64 million in May from 4.46 million in April. 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 6,189 per barrel, down by 0.42 per cent, after opening at Rs 6,215, against a previous close of Rs 6,215. It touched an intra-day low of Rs 6,182
09/07/2014 09:39
Crude oil futures ended lower in the domestic market on Tuesday after U.S. API weekly crude stocks fell less-than-expected last week, official data showed on Tuesday indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. American Petroleum Institute said that U.S. API Weekly Crude Stock fell to -1.700M, from -0.876M in the preceding week. However, losses were curbed after the number of job openings in the U.S. rose more than expected in May, fuelling optimism over the strength of the labor market which limited the decline in the commodity. The U.S. Labor Department said that the number of job openings, excluding the farming industry, rose to 4.64 million in May from 4.46 million in April. 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 6,189 per barrel, down by 0.42 per cent, after opening at Rs 6,215, against a previous close of Rs 6,215. It touched an intra-day low of Rs 6,182
