Oil extends gains ahead of US supplies data
24/12/2014 10:41
Crude oil futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity ahead of data which may show that US crude supplies shrank last week, signaling a pickup in fuel demand in the world’s biggest oil consumer.
US oil supplies likely fell 2.5 million barrels last week, the EIA may say today.
Further, the fastest gain in US GDP in over a decade last quarter also lifted the demand prospects for the fuel.
At the MCX, Crude oil futures, for the January 2015 contract, is trading at Rs 3,619 per barrel, up by 0.28 per cent, after opening at Rs 3,612, against the previous close price of Rs 3,609. It touched an intraday high of Rs 3,620 till the closing. (At 10:24 PM).
24/12/2014 10:41
Crude oil futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity ahead of data which may show that US crude supplies shrank last week, signaling a pickup in fuel demand in the world’s biggest oil consumer.
US oil supplies likely fell 2.5 million barrels last week, the EIA may say today.
Further, the fastest gain in US GDP in over a decade last quarter also lifted the demand prospects for the fuel.
At the MCX, Crude oil futures, for the January 2015 contract, is trading at Rs 3,619 per barrel, up by 0.28 per cent, after opening at Rs 3,612, against the previous close price of Rs 3,609. It touched an intraday high of Rs 3,620 till the closing. (At 10:24 PM).
