Upbeat US supplies data lifts Oil
02/01/2015 09:03
Crude oil futures ended higher in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after US supplies fell last week, signaling a pickup in fuel demand in the world’s biggest oil consumer. US crude stockpiles fell by 1.75 million barrels to 385.5 million barrels in the week ended December 26, 2014, the US Energy Information Administration (EIA) reported. Further, the fewest Americans in 2014 filed for unemployment benefit claims in 14 years in 2014, signaling a strengthening job market recovery in the world’s biggest economy, lifting the demand outlook for the fuel. Average jobless claims in 2014 stood at 308,500, the least since 299,600 in 2000. However, claims moved up by 17,000 to 298,000 in the week ended December 27, 2014, attributed mainly to year-end holiday swings. US pending home sales rose 0.8 per cent in November 2014 from the prior month, when they declined 1.2 per cent, signaling an improving US housing market recovery, bolstering sentiment. Oil may rise today as a fire in 8 of the 12 crude-storage tanks at an Enbridge facility in North Dakota fueled supply concerns. At the MCX, Crude oil futures, for the January 2015 contract, closed at Rs 3,400 per barrel, up by 0.92 per cent, after opening at Rs 3,398, against the previous close price of Rs 3,369. It touched an intraday high of Rs 3,410 till the closing.
02/01/2015 09:03
Crude oil futures ended higher in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after US supplies fell last week, signaling a pickup in fuel demand in the world’s biggest oil consumer. US crude stockpiles fell by 1.75 million barrels to 385.5 million barrels in the week ended December 26, 2014, the US Energy Information Administration (EIA) reported. Further, the fewest Americans in 2014 filed for unemployment benefit claims in 14 years in 2014, signaling a strengthening job market recovery in the world’s biggest economy, lifting the demand outlook for the fuel. Average jobless claims in 2014 stood at 308,500, the least since 299,600 in 2000. However, claims moved up by 17,000 to 298,000 in the week ended December 27, 2014, attributed mainly to year-end holiday swings. US pending home sales rose 0.8 per cent in November 2014 from the prior month, when they declined 1.2 per cent, signaling an improving US housing market recovery, bolstering sentiment. Oil may rise today as a fire in 8 of the 12 crude-storage tanks at an Enbridge facility in North Dakota fueled supply concerns. At the MCX, Crude oil futures, for the January 2015 contract, closed at Rs 3,400 per barrel, up by 0.92 per cent, after opening at Rs 3,398, against the previous close price of Rs 3,369. It touched an intraday high of Rs 3,410 till the closing.
