Oil rebounds on China factory strength
23/09/2014 11:41
Crude oil futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as manufacturing in China expanded at a sharper clip this month, easing concerns over a slowdown in the world’s second biggest economy, lifting the demand outlook for the fuel. HSBC said that its gauge measuring China manufacturing climbed to 50.5 in September from 50.2 in August, with a reading above 50 signaling expansion. At the MCX, Crude Oil futures, for the October 2014 contract, is trading at Rs 5,592 per barrel, up by 0.27 per cent, after opening at Rs 5,584, against a previous close of Rs 5,577. It touched an intra-day low of Rs 5,600. (At 11:25 AM).
23/09/2014 11:41
Crude oil futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as manufacturing in China expanded at a sharper clip this month, easing concerns over a slowdown in the world’s second biggest economy, lifting the demand outlook for the fuel. HSBC said that its gauge measuring China manufacturing climbed to 50.5 in September from 50.2 in August, with a reading above 50 signaling expansion. At the MCX, Crude Oil futures, for the October 2014 contract, is trading at Rs 5,592 per barrel, up by 0.27 per cent, after opening at Rs 5,584, against a previous close of Rs 5,577. It touched an intra-day low of Rs 5,600. (At 11:25 AM).
