Crude oil dips on sluggish US demand
16/01/2015 12:31
Crude oil prices fell by 2.14 per cent on Friday at the domestic markets after manufacturing activity in the Philadelphia-region expanded at the slowest pace in 11 months in January, fuelling concerns over the U.S. economic outlook which reduced the demand outlook for the fuel. Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to a reading of 6.3 this month from December’s reading of 24.5. Analysts had expected the index to decline to 19.9 in January.
At the MCX, crude oil futures for January 2015 contract were trading at Rs. 2,876 per barrel, down by 2.14 per cent, after opening at Rs. 2,912 against the previous closing price of Rs. 2,939. It touched the intra-day low of Rs. 2,870 till the trading. (At 11.56 AM today). Further, the number of people who filed for unemployment assistance in the U.S. last week rose to the highest level in almost four months, dampening optimism over the strength of the labor market which reduced the demand outlook for the fuel
16/01/2015 12:31
Crude oil prices fell by 2.14 per cent on Friday at the domestic markets after manufacturing activity in the Philadelphia-region expanded at the slowest pace in 11 months in January, fuelling concerns over the U.S. economic outlook which reduced the demand outlook for the fuel. Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to a reading of 6.3 this month from December’s reading of 24.5. Analysts had expected the index to decline to 19.9 in January.
At the MCX, crude oil futures for January 2015 contract were trading at Rs. 2,876 per barrel, down by 2.14 per cent, after opening at Rs. 2,912 against the previous closing price of Rs. 2,939. It touched the intra-day low of Rs. 2,870 till the trading. (At 11.56 AM today). Further, the number of people who filed for unemployment assistance in the U.S. last week rose to the highest level in almost four months, dampening optimism over the strength of the labor market which reduced the demand outlook for the fuel
