Flat trade in oil futures ahead of supplies data
07/10/2014 11:23
Crude oil futures fell in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the energy commodity ahead of US weekly inventory data which may signal waning fuel demand in the world’s biggest oil consumer. US crude oil stockpiles may have risen by 2 million barrels last week, the EIA may say tomorrow. However, a pickup in US job growth last month bolstered the demand outlook for the fuel as robust American consumer finances boost discretionary spending. At the MCX, Crude Oil futures, for the October 2014 contract, is trading at Rs 5,562 per barrel, up by 0.11 per cent, after opening at Rs 5,548, against a previous close of Rs 5,556. It touched an intra-day high of Rs 5,570. (At 11:02 AM).
07/10/2014 11:23
Crude oil futures fell in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the energy commodity ahead of US weekly inventory data which may signal waning fuel demand in the world’s biggest oil consumer. US crude oil stockpiles may have risen by 2 million barrels last week, the EIA may say tomorrow. However, a pickup in US job growth last month bolstered the demand outlook for the fuel as robust American consumer finances boost discretionary spending. At the MCX, Crude Oil futures, for the October 2014 contract, is trading at Rs 5,562 per barrel, up by 0.11 per cent, after opening at Rs 5,548, against a previous close of Rs 5,556. It touched an intra-day high of Rs 5,570. (At 11:02 AM).
