Upbeat US demand outlook sparks Oil surge
24/12/2014 09:35
Crude oil futures surged in the domestic market on Tuesday as robust US economic data lifted the demand outlook for the fuel. The world’s biggest economy grew at the fastest pace since 2003, expanding at an annual rate of 5 per cent in the July-September 2014 quarter, up from a previous estimate of 3.9 per cent.
US consumer spending rose 0.6 per cent in November from the previous month, when it climbed a revised 0.3 per cent. The gauge measuring US consumer sentiment rose to the highest level in eight years at 93.6 in December from 88.8 in November.
Investors cast aside a rise in US oil supplies as the American Petroleum Institute reported a 5.4 million barrels increase in crude stockpiles last week.
Oil futures may rise today as an improving US economy consumes more fuel.
At the MCX, Crude oil futures, for the January 2015 contract, closed at Rs 3,609 per barrel, up by 2.12 per cent, after opening at Rs 3,559, against the previous close price of Rs 3,534. It touched an intraday high of Rs 3,633 till the closing.
24/12/2014 09:35
Crude oil futures surged in the domestic market on Tuesday as robust US economic data lifted the demand outlook for the fuel. The world’s biggest economy grew at the fastest pace since 2003, expanding at an annual rate of 5 per cent in the July-September 2014 quarter, up from a previous estimate of 3.9 per cent.
US consumer spending rose 0.6 per cent in November from the previous month, when it climbed a revised 0.3 per cent. The gauge measuring US consumer sentiment rose to the highest level in eight years at 93.6 in December from 88.8 in November.
Investors cast aside a rise in US oil supplies as the American Petroleum Institute reported a 5.4 million barrels increase in crude stockpiles last week.
Oil futures may rise today as an improving US economy consumes more fuel.
At the MCX, Crude oil futures, for the January 2015 contract, closed at Rs 3,609 per barrel, up by 2.12 per cent, after opening at Rs 3,559, against the previous close price of Rs 3,534. It touched an intraday high of Rs 3,633 till the closing.
