Crude Oil ends lower on weak US data
30/01/2015 09:48
Crude oil futures plunged in the domestic and overseas market on Thursday after U.S. crude oil inventories rose more-than-expected last month indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. In a report, Energy Information Administration said that U.S. Crude Oil Inventories rose to a seasonally adjusted annual rate of 8.874M, from 10.071M in the preceding month. Sentiment weakened further after pending home sales in the U.S. fell unexpectedly in December, raising concerns over the health of the housing sector. National Association of Realtors said its pending home sales index decreased by a seasonally adjusted 3.7 per cent last month, disappointing expectations for a 0.5 per cent gain. Crude may extend a sell-off today as record high production and surging supplies in the US boost a global supply glut. At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 2,754 per barrel, down by 0.65 per cent, after opening at Rs 2,759, against the previous close price of Rs 2,772. It touched an intraday low of Rs 2,720 till the closing.
30/01/2015 09:48
Crude oil futures plunged in the domestic and overseas market on Thursday after U.S. crude oil inventories rose more-than-expected last month indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. In a report, Energy Information Administration said that U.S. Crude Oil Inventories rose to a seasonally adjusted annual rate of 8.874M, from 10.071M in the preceding month. Sentiment weakened further after pending home sales in the U.S. fell unexpectedly in December, raising concerns over the health of the housing sector. National Association of Realtors said its pending home sales index decreased by a seasonally adjusted 3.7 per cent last month, disappointing expectations for a 0.5 per cent gain. Crude may extend a sell-off today as record high production and surging supplies in the US boost a global supply glut. At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 2,754 per barrel, down by 0.65 per cent, after opening at Rs 2,759, against the previous close price of Rs 2,772. It touched an intraday low of Rs 2,720 till the closing.
