Crude Oil ends higher on upbeat US data 31/12/2014

Crude Oil ends higher on upbeat US data
31/12/2014 09:55
Crude oil futures ended higher in the domestic market on Tuesday after US consumer confidence increased in December, bolstered by a brightening jobs situation that left perceptions about economic conditions at a high last seen in February 2008, according to a private sector report which raised the demand outlook for the fuel. However, gains were limited after US single-family home prices slowed in October, following the stronger-than-expected rise seen in prices the previous month which reduced the demand prospects for the fuel. The S&P/Case-Shiller US National Home Price Index, which covers all nine US census divisions, recorded a 4.6 percent annual gain in October vs. 4.8 percent in September, signaling annual growth hit the slowest pace in nearly two years. Crude futures may fall today amid speculation that US oil stockpiles may have remained at high levels last week, signaling weak demand for the fuel in the world’s biggest oil consumer. At the MCX, Crude oil futures, for the January 2015 contract, closed at Rs 3,423 per barrel, up by 0.26 per cent, after opening at Rs 3,428, against the previous close price of Rs 3,414. It touched an intraday high of Rs 3,464 till the closing.