Crude oil futures rise on upbeat China demand outlook
01/07/2014 11:59
Crude oil futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after manufacturing activity in China expanded at the fastest pace this year in June, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel.
The official gauge measuring manufacturing in China climbed to 51 this month from 50.8 in May, with a reading above 50 signaling expansion.
Investors are eying the US manufacturing data today which may show a pickup in the world’s biggest economy, lifting the demand outlook for the fuel.
At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,373 per barrel, up by 0.57 per cent, after opening at Rs 6,356, against a previous close of Rs 6,337. It touched an intra-day high of Rs 6,387. (At 11:24 AM).
01/07/2014 11:59
Crude oil futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after manufacturing activity in China expanded at the fastest pace this year in June, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel.
The official gauge measuring manufacturing in China climbed to 51 this month from 50.8 in May, with a reading above 50 signaling expansion.
Investors are eying the US manufacturing data today which may show a pickup in the world’s biggest economy, lifting the demand outlook for the fuel.
At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,373 per barrel, up by 0.57 per cent, after opening at Rs 6,356, against a previous close of Rs 6,337. It touched an intra-day high of Rs 6,387. (At 11:24 AM).
