Bullish supply report lifts Oil
30/10/2014 09:20
Crude oil futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market after US crude oil stockpiles rose less than expected last week, easing fears over weakening demand for the fuel in the world’s biggest oil consumer.
US crude oil stockpiles climbed for a fourth week on the trot, up by 2.06 million barrels to 379.7 million barrels in the week ended October 24, 2014, the EIA said, lower than analysts’ estimates of a 2.8 million barrels gain.
Gasoline inventories fell to the lowest level since November 2012, down 1.24 million barrels to 203.1 million barrels last week while distillate fuel inventories, which include diesel and heating oil, declined 5.3 million barrels to 120.4 million barrels.
Sentiment was also boosted after the US Federal Reserve cited an improvement in the labour market of the world’s biggest economy even as it chose to end QE, bolstering the demand outlook for the fuel.
Crude oil futures may dip today amid profit booking after yesterday’s surge in prices, while caution persists ahead of US Q3 GDP data.
At the MCX, Crude Oil futures, for the October 2014 contract, closed at Rs 5,083 per barrel, up by 1.97 per cent, after opening at Rs 4,990, against a previous close of Rs 4,985. It touched an intra-day high of Rs 5,095
30/10/2014 09:20
Crude oil futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market after US crude oil stockpiles rose less than expected last week, easing fears over weakening demand for the fuel in the world’s biggest oil consumer.
US crude oil stockpiles climbed for a fourth week on the trot, up by 2.06 million barrels to 379.7 million barrels in the week ended October 24, 2014, the EIA said, lower than analysts’ estimates of a 2.8 million barrels gain.
Gasoline inventories fell to the lowest level since November 2012, down 1.24 million barrels to 203.1 million barrels last week while distillate fuel inventories, which include diesel and heating oil, declined 5.3 million barrels to 120.4 million barrels.
Sentiment was also boosted after the US Federal Reserve cited an improvement in the labour market of the world’s biggest economy even as it chose to end QE, bolstering the demand outlook for the fuel.
Crude oil futures may dip today amid profit booking after yesterday’s surge in prices, while caution persists ahead of US Q3 GDP data.
At the MCX, Crude Oil futures, for the October 2014 contract, closed at Rs 5,083 per barrel, up by 1.97 per cent, after opening at Rs 4,990, against a previous close of Rs 4,985. It touched an intra-day high of Rs 5,095
