US stockpiles’ boost drags down Oil
23/01/2015 09:29
Crude oil futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as crude oil stockpiles in the US rose at the fastest pace since March 2001, signaling weaker fuel demand in the world’s biggest oil consumer.
US oil supplies climbed 10.1 million barrels to the highest level since May to 397.9 million barrels last week, the EIA said. Refineries in the US operated at 85.5 per cent of their capacity, the lowest level since April 2013 last week.
The number of Americans who filed for unemployment benefit claims rose last week, signaling a faltering labour market recovery in the world’s biggest economy, dimming the demand outlook for the fuel. US jobless claims climbed 10,000 to 307,000 in the week ended January 17, 2015.
Oil may rebound today as the death of King Abdullah of Saudi Arabia, the biggest oil producer in the OPEC raised uncertainty over OPEC policy.
At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 2,891 per barrel, down by 1.93 per cent, after opening at Rs 2,947, against the previous close price of Rs 2,948. It touched an intraday low of Rs 2,851 till the closing.
23/01/2015 09:29
Crude oil futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as crude oil stockpiles in the US rose at the fastest pace since March 2001, signaling weaker fuel demand in the world’s biggest oil consumer.
US oil supplies climbed 10.1 million barrels to the highest level since May to 397.9 million barrels last week, the EIA said. Refineries in the US operated at 85.5 per cent of their capacity, the lowest level since April 2013 last week.
The number of Americans who filed for unemployment benefit claims rose last week, signaling a faltering labour market recovery in the world’s biggest economy, dimming the demand outlook for the fuel. US jobless claims climbed 10,000 to 307,000 in the week ended January 17, 2015.
Oil may rebound today as the death of King Abdullah of Saudi Arabia, the biggest oil producer in the OPEC raised uncertainty over OPEC policy.
At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 2,891 per barrel, down by 1.93 per cent, after opening at Rs 2,947, against the previous close price of Rs 2,948. It touched an intraday low of Rs 2,851 till the closing.
