Oil rebounds from steep losses
20/02/2015 11:29
Crude oil futures rose in the domestic market on Friday as the steep losses suffered by the energy commodity in recent sessions offered good bargain buying opportunity to investors, in the fuel, at existing levels, as ballooning US oil stockpiles which surged to a record last week exasperated a global supply glut.
A drop in the number of applications seeking jobless benefits in the US last week signaled an improving labour market recovery in the world’s biggest economy, lifting the demand outlook for the fuel. Unemployment claims fell by 21,000 to 283,000 in the week ended February 14, 2015.
At the MCX, Crude oil futures, for the March 2015 contract, is trading at Rs 3,276 per barrel, up by 0.92 per cent, after opening at Rs 3,270, against the previous close price of Rs 3,246. It touched an intraday high of Rs 3,295 till the closing. (At 11:11 AM).
20/02/2015 11:29
Crude oil futures rose in the domestic market on Friday as the steep losses suffered by the energy commodity in recent sessions offered good bargain buying opportunity to investors, in the fuel, at existing levels, as ballooning US oil stockpiles which surged to a record last week exasperated a global supply glut.
A drop in the number of applications seeking jobless benefits in the US last week signaled an improving labour market recovery in the world’s biggest economy, lifting the demand outlook for the fuel. Unemployment claims fell by 21,000 to 283,000 in the week ended February 14, 2015.
At the MCX, Crude oil futures, for the March 2015 contract, is trading at Rs 3,276 per barrel, up by 0.92 per cent, after opening at Rs 3,270, against the previous close price of Rs 3,246. It touched an intraday high of Rs 3,295 till the closing. (At 11:11 AM).
