Crude oil futures rally on US demand outlook
07/07/2014 09:11
Crude oil futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity after a pickup in the US labour market signaled strength in the world’s biggest economy, lifting the demand outlook for the fuel. American employers added 288,000 jobs in June, compared to 224,000 in the previous month, the Labour Department said. However, easing supply concerns over oil amid the resumption of oil exports from Libya curbed gains in the fuel. Libyan rebels agreed to allow re-opening of two export terminals, bringing back up to 560,000 barrels of oil into the market. Further, the infighting in Iraq hasn’t spread to the country’s southern region, which accounts for nearly three-fourth of Iraq’s crude oil production, easing worries over a disruption in crude supplies from OPEC’s second biggest crude producer. Crude oil futures may fall today after the IMF signaled a cut in global growth forecast, dimming the demand outlook for the fuel. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,222 per barrel, up by 0.19 per cent, after opening at Rs 6,214, against a previous close of Rs 6,210. It touched an intra-day high of Rs 6,234.
07/07/2014 09:11
Crude oil futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity after a pickup in the US labour market signaled strength in the world’s biggest economy, lifting the demand outlook for the fuel. American employers added 288,000 jobs in June, compared to 224,000 in the previous month, the Labour Department said. However, easing supply concerns over oil amid the resumption of oil exports from Libya curbed gains in the fuel. Libyan rebels agreed to allow re-opening of two export terminals, bringing back up to 560,000 barrels of oil into the market. Further, the infighting in Iraq hasn’t spread to the country’s southern region, which accounts for nearly three-fourth of Iraq’s crude oil production, easing worries over a disruption in crude supplies from OPEC’s second biggest crude producer. Crude oil futures may fall today after the IMF signaled a cut in global growth forecast, dimming the demand outlook for the fuel. At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,222 per barrel, up by 0.19 per cent, after opening at Rs 6,214, against a previous close of Rs 6,210. It touched an intra-day high of Rs 6,234.
