Crude oil gains on bullish demand prospects
30/01/2015 12:22
Crude oil prices rose by 0.82 per cent on Friday at the domestic markets as investors kept an eye on demand cues from countries like India and China to see if falling prices spur consumers. Further, the number of people who filed for unemployment assistance in the U.S. last week fell to the lowest level since 2000, fuelling optimism over the strength of the labor market which raised the demand outlook for the fuel. The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending January 24 decreased by 43,000 to a seasonally adjusted 265,000 from the previous week’s total of 308,000. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,771 per barrel, up by 0.62 per cent, after opening at Rs. 2,771 against the previous closing price of Rs. 2,754. It touched the intra-day high of Rs. 2,784 till the trading. (At 11.53 AM today).
30/01/2015 12:22
Crude oil prices rose by 0.82 per cent on Friday at the domestic markets as investors kept an eye on demand cues from countries like India and China to see if falling prices spur consumers. Further, the number of people who filed for unemployment assistance in the U.S. last week fell to the lowest level since 2000, fuelling optimism over the strength of the labor market which raised the demand outlook for the fuel. The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending January 24 decreased by 43,000 to a seasonally adjusted 265,000 from the previous week’s total of 308,000. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,771 per barrel, up by 0.62 per cent, after opening at Rs. 2,771 against the previous closing price of Rs. 2,754. It touched the intra-day high of Rs. 2,784 till the trading. (At 11.53 AM today).
