Upbeat US fuel demand outlook lifts Oil
29/10/2014 11:52
Crude oil futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity amid speculation that US gasoline stockpiles likely fell last week, signaling a pickup in fuel demand in the world’s biggest fuel consumer.
US gasoline inventories may have declined 900,000 barrels to 203.5 million barrels in the week ended October 24, the EIA may say today, analysts’ estimates showed.
A surge in consumer confidence in the US to a seven-year high in October 2014 also lifted the demand outlook for the fuel.
At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 5,029 per barrel, up by 0.88 per cent, after opening at Rs 4,990, against a previous close of Rs 4,985. It touched an intra-day high of Rs 5,032. (At 11:26 AM).
29/10/2014 11:52
Crude oil futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity amid speculation that US gasoline stockpiles likely fell last week, signaling a pickup in fuel demand in the world’s biggest fuel consumer.
US gasoline inventories may have declined 900,000 barrels to 203.5 million barrels in the week ended October 24, the EIA may say today, analysts’ estimates showed.
A surge in consumer confidence in the US to a seven-year high in October 2014 also lifted the demand outlook for the fuel.
At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 5,029 per barrel, up by 0.88 per cent, after opening at Rs 4,990, against a previous close of Rs 4,985. It touched an intra-day high of Rs 5,032. (At 11:26 AM).
