China rate cut lifts Oil
24/11/2014 09:18
Crude oil futures ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as a surprise interest rate cut by China spurred optimism over the outlook for the world economy, lifting the demand prospects for the fuel. China joined Japan and Europe to unleash further monetary stimulus as it cut benchmark rates for the first time since July 2012 to bolster growth in the world’s second biggest economy. The one-year lending rate was cut by 0.4 percentage point to 5.6 per cent, while the one-year deposit rate was reduced by 0.25 percentage point to 2.75 per cent. Manufacturing activity in the Kansas region grew at a faster pace this month, signaling a pickup in the world’s biggest economy, bolstering the demand outlook for the fuel. The Federal Reserve Bank of Kansas City said that its gauge measuring manufacturing across seven states which include Kansas and western Missouri rose to 7 in November from 4 in the previous month, with a reading above 0 signaling expansion. Crude oil futures may continue the upward journey today amid reports that Iran will seek a cut in OPEC’s targeted production level at the upcoming Vienna meet, easing concerns over a global supply glut. At the MCX, Crude Oil futures, for the December 2014 contract, closed at Rs 4,697 per barrel, up by 0.36 per cent, after opening at Rs 4,694, against a previous close of Rs 4,680. It touched an intra-day high of Rs 4,818
24/11/2014 09:18
Crude oil futures ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as a surprise interest rate cut by China spurred optimism over the outlook for the world economy, lifting the demand prospects for the fuel. China joined Japan and Europe to unleash further monetary stimulus as it cut benchmark rates for the first time since July 2012 to bolster growth in the world’s second biggest economy. The one-year lending rate was cut by 0.4 percentage point to 5.6 per cent, while the one-year deposit rate was reduced by 0.25 percentage point to 2.75 per cent. Manufacturing activity in the Kansas region grew at a faster pace this month, signaling a pickup in the world’s biggest economy, bolstering the demand outlook for the fuel. The Federal Reserve Bank of Kansas City said that its gauge measuring manufacturing across seven states which include Kansas and western Missouri rose to 7 in November from 4 in the previous month, with a reading above 0 signaling expansion. Crude oil futures may continue the upward journey today amid reports that Iran will seek a cut in OPEC’s targeted production level at the upcoming Vienna meet, easing concerns over a global supply glut. At the MCX, Crude Oil futures, for the December 2014 contract, closed at Rs 4,697 per barrel, up by 0.36 per cent, after opening at Rs 4,694, against a previous close of Rs 4,680. It touched an intra-day high of Rs 4,818
