Tepid US data pulls down Crude
18/02/2015 09:33
Crude oil futures closed on a bearish note in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity as home builder sentiment in the US fell this month, while a regional manufacturing gauge expanded at a weaker pace, signaling a slowdown in the world’s biggest economy, clouding the demand outlook for the fuel. The gauge measuring US homebuilder sentiment fell to 55 in February from 57 in January. The index measuring manufacturing in the New York region slipped to 7.78 in February from 9.95 in the previous month, with a reading above 0 signaling expansion. Libya, the holder of Africa’s biggest oil reserves said that the country may cease pumping at all fields if the government is unable to stop attacks that has put the lives of energy workers at risk, signaling supply fears. Egypt bombed Islamic State targets in Libya on Monday and is planning to go to the United Nations Security Council for authorizing intervention in the North African nation. Meanwhile, talks between Iraq’s central government and the Kurdish regional government over oil exports failed to yield an agreement. Oil may rebound today amid concerns over tighter supplies from Libya. At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 3,247 per barrel, down by 1.22 per cent, after opening at Rs 3,297, against the previous close price of Rs 3,287. It touched an intraday low of Rs 3,164 till the closing
18/02/2015 09:33
Crude oil futures closed on a bearish note in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity as home builder sentiment in the US fell this month, while a regional manufacturing gauge expanded at a weaker pace, signaling a slowdown in the world’s biggest economy, clouding the demand outlook for the fuel. The gauge measuring US homebuilder sentiment fell to 55 in February from 57 in January. The index measuring manufacturing in the New York region slipped to 7.78 in February from 9.95 in the previous month, with a reading above 0 signaling expansion. Libya, the holder of Africa’s biggest oil reserves said that the country may cease pumping at all fields if the government is unable to stop attacks that has put the lives of energy workers at risk, signaling supply fears. Egypt bombed Islamic State targets in Libya on Monday and is planning to go to the United Nations Security Council for authorizing intervention in the North African nation. Meanwhile, talks between Iraq’s central government and the Kurdish regional government over oil exports failed to yield an agreement. Oil may rebound today amid concerns over tighter supplies from Libya. At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 3,247 per barrel, down by 1.22 per cent, after opening at Rs 3,297, against the previous close price of Rs 3,287. It touched an intraday low of Rs 3,164 till the closing
