OPEC comments, US data spur Oil rebound
28/01/2015 09:31
Crude oil futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after OPEC Secretary –General Abdullah al-Badri stressed that crude prices likely bottomed out while he warned of a possible spike to USD 200 per barrel without new investments in production.
However, US crude oil stockpiles rose last week, signaling weakening demand for the fuel in the world’s biggest oil consumer, trimming gains in the fuel. US crude oil stockpiles climbed nearly 13 million barrels last week, the API said.
Consumer confidence in the US surged to the highest level in more than seven years in January 2015, sales of new homes rose to the highest level in six years in December 2014 while services rose at an accelerated pace this month, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. The gauge measuring US consumer confidence rose to the highest level since August 2007 at 102.9 in January 2015 from 93.1 in December.
US sales of new homes rose 11.6 per cent to an annualized rate of 481,000 in December 2014. The gauge measuring US services activity rose to 54 this month from 53.3 in December, with a reading above 50 signaling expansion.
However, orders for US durable goods fell 3.4 per cent in December, signaling softness in American manufacturing sector, curbing the gains in the fuel.
Crude oil futures may fall today amid caution ahead of the US weekly government inventory data.
At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 2,842 per barrel, up by 0.18 per cent, after opening at Rs 2,820, against the previous close price of Rs 2,837. It touched an intraday high of Rs 2,868 till the closing.
28/01/2015 09:31
Crude oil futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after OPEC Secretary –General Abdullah al-Badri stressed that crude prices likely bottomed out while he warned of a possible spike to USD 200 per barrel without new investments in production.
However, US crude oil stockpiles rose last week, signaling weakening demand for the fuel in the world’s biggest oil consumer, trimming gains in the fuel. US crude oil stockpiles climbed nearly 13 million barrels last week, the API said.
Consumer confidence in the US surged to the highest level in more than seven years in January 2015, sales of new homes rose to the highest level in six years in December 2014 while services rose at an accelerated pace this month, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. The gauge measuring US consumer confidence rose to the highest level since August 2007 at 102.9 in January 2015 from 93.1 in December.
US sales of new homes rose 11.6 per cent to an annualized rate of 481,000 in December 2014. The gauge measuring US services activity rose to 54 this month from 53.3 in December, with a reading above 50 signaling expansion.
However, orders for US durable goods fell 3.4 per cent in December, signaling softness in American manufacturing sector, curbing the gains in the fuel.
Crude oil futures may fall today amid caution ahead of the US weekly government inventory data.
At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 2,842 per barrel, up by 0.18 per cent, after opening at Rs 2,820, against the previous close price of Rs 2,837. It touched an intraday high of Rs 2,868 till the closing.
