Crude oil futures rebound on US demand hopes
04/07/2014 11:44
Crude oil futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity as faster payroll gains in the US signaled a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. The US economy added 288,000 jobs in June, compared to 215,000 estimated by analysts. Further, services in the US grew at a solid pace in June while the trade shortfall narrowed in May. At the MCX, Crude Oil futures, for the July 2014 contract, is trading 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 6,228. (At 11:07 AM).
04/07/2014 11:44
Crude oil futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity as faster payroll gains in the US signaled a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. The US economy added 288,000 jobs in June, compared to 215,000 estimated by analysts. Further, services in the US grew at a solid pace in June while the trade shortfall narrowed in May. At the MCX, Crude Oil futures, for the July 2014 contract, is trading 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 6,228. (At 11:07 AM).
