Crude oil futures continue losing streak
04/07/2014 09:32
Crude oil futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak overseas trend as supply concerns over the fuel faded amid the re-opening of two export terminals in Libya and the insulation of the oil-rich southern Iraq from infighting. Payrolls in the US surged last month while services expanded at a robust rate in June 2014, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel, curbing losses in crude futures. American employers added 288,000 jobs in June, up from 224,000 in the previous month as the jobless rate slid to 6.1 per cent from 6.3 per cent in May. The ISM Services PMI stood at 56 in June, compared to 56.3 in the previous month, with a reading above 50 signaling expansion. US trade gap shrank the most since November, down 5.6 per cent to USD 44.4 billion in May 2014 from USD 47 billion in the previous month. Crude oil futures may rise today as a rebound in the US economy lifts the demand outlook for the fuel. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,210 per barrel, down by 0.45 per cent, after opening at Rs 6,225, against a previous close of Rs 6,238. It touched an intra-day low of Rs 6,191.
04/07/2014 09:32
Crude oil futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak overseas trend as supply concerns over the fuel faded amid the re-opening of two export terminals in Libya and the insulation of the oil-rich southern Iraq from infighting. Payrolls in the US surged last month while services expanded at a robust rate in June 2014, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel, curbing losses in crude futures. American employers added 288,000 jobs in June, up from 224,000 in the previous month as the jobless rate slid to 6.1 per cent from 6.3 per cent in May. The ISM Services PMI stood at 56 in June, compared to 56.3 in the previous month, with a reading above 50 signaling expansion. US trade gap shrank the most since November, down 5.6 per cent to USD 44.4 billion in May 2014 from USD 47 billion in the previous month. Crude oil futures may rise today as a rebound in the US economy lifts the demand outlook for the fuel. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,210 per barrel, down by 0.45 per cent, after opening at Rs 6,225, against a previous close of Rs 6,238. It touched an intra-day low of Rs 6,191.
