OPEC cut bets lift Oil
20/11/2014 09:32
Crude oil futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity amid rising speculation that the OPEC may slash its production target at its upcoming meet in Vienna on November 27, 2014.
Libya’s OPEC governor called for a cut of 500,000 barrels per day in the OPEC output target to stem a decline in prices.
However, a rise in US crude stockpiles signaled weakening fuel demand in the world’s biggest oil consumer, trimming gains in oil futures. US oil supplies climbed 2.6 million barrels to 381.1 million barrels in the week ended November 14, the EIA said. Crude stockpiles at Cushing, the biggest US oil storage hub climbed by 718,000 barrels to 23.2 million barrels last week, the highest level since May.
A drop in US housing starts signaled a slowing housing recovery in the world’s biggest economy, clouding crude’s demand outlook, curbing gains in the fuel. Housing starts fell 2.8 per cent to 1.01 million rate in October 2014.
Crude oil futures may fall today as slowing China factory growth clouds outlook while surging US supplies dampen sentiment.
At the MCX, Crude Oil futures, for the November 2014 contract, closed at Rs 4,637 per barrel, up by 0.65 per cent, after opening at Rs 4,592, against a previous close of Rs 4,607. It touched an intra-day high of Rs 4,650.
20/11/2014 09:32
Crude oil futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity amid rising speculation that the OPEC may slash its production target at its upcoming meet in Vienna on November 27, 2014.
Libya’s OPEC governor called for a cut of 500,000 barrels per day in the OPEC output target to stem a decline in prices.
However, a rise in US crude stockpiles signaled weakening fuel demand in the world’s biggest oil consumer, trimming gains in oil futures. US oil supplies climbed 2.6 million barrels to 381.1 million barrels in the week ended November 14, the EIA said. Crude stockpiles at Cushing, the biggest US oil storage hub climbed by 718,000 barrels to 23.2 million barrels last week, the highest level since May.
A drop in US housing starts signaled a slowing housing recovery in the world’s biggest economy, clouding crude’s demand outlook, curbing gains in the fuel. Housing starts fell 2.8 per cent to 1.01 million rate in October 2014.
Crude oil futures may fall today as slowing China factory growth clouds outlook while surging US supplies dampen sentiment.
At the MCX, Crude Oil futures, for the November 2014 contract, closed at Rs 4,637 per barrel, up by 0.65 per cent, after opening at Rs 4,592, against a previous close of Rs 4,607. It touched an intra-day high of Rs 4,650.
