Oil ends tad lower on rising US supplies
19/02/2015 09:37
Crude oil futures closed with slim losses in the domestic market on Wednesday as investors and speculators were cautious over booking fresh positions in the energy commodity tracking a weak trend in the overseas market after US crude oil stockpiles rose last week, signaling tepid demand for the fuel in the world’s biggest fuel consumer.
US crude oil stockpiles rose by 14.3 million barrels last week, the API said.
Industrial output in the US rose at a slower than expected pace of 0.2 per cent in January from December, when it fell 0.3 per cent, while manufacturing output climbed a tepid 0.2 per cent, signaling a slowdown in the world’s biggest economy, clouding the demand outlook for the fuel.
Housing starts in the US fell last month, signaling a faltering housing market recovery. Starts declined 2 per cent to a 1.07 million annual rate in January.
Crude oil futures may fall today ahead of EIA data which may show an uptick in US crude oil inventories last week.
At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 3,245 per barrel, down by 0.06 per cent, after opening at Rs 3,276, against the previous close price of Rs 3,247. It touched an intraday low of Rs 3,229 till the closing.
19/02/2015 09:37
Crude oil futures closed with slim losses in the domestic market on Wednesday as investors and speculators were cautious over booking fresh positions in the energy commodity tracking a weak trend in the overseas market after US crude oil stockpiles rose last week, signaling tepid demand for the fuel in the world’s biggest fuel consumer.
US crude oil stockpiles rose by 14.3 million barrels last week, the API said.
Industrial output in the US rose at a slower than expected pace of 0.2 per cent in January from December, when it fell 0.3 per cent, while manufacturing output climbed a tepid 0.2 per cent, signaling a slowdown in the world’s biggest economy, clouding the demand outlook for the fuel.
Housing starts in the US fell last month, signaling a faltering housing market recovery. Starts declined 2 per cent to a 1.07 million annual rate in January.
Crude oil futures may fall today ahead of EIA data which may show an uptick in US crude oil inventories last week.
At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 3,245 per barrel, down by 0.06 per cent, after opening at Rs 3,276, against the previous close price of Rs 3,247. It touched an intraday low of Rs 3,229 till the closing.
