Oil surges on Middle East tensions
27/03/2015 09:55
Crude oil futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as Saudi Arabia and its nine allies began bombing targets in Yemen, fueling fresh fears of unrest in the Middle East, raising concerns over disruptions in oil shipments from the oil-rich region. Saudi Arabia’s bombing of Shiite rebels in Yemen came after an appeal from Yemen’s President Abdurabuh Mansur Hadi. Together, the ten nations pump in about 21 million barrels of oil per day, accounting for 22 per cent of global trade. The number of Americans who filed for claiming unemployment benefits fell to the lowest level in five weeks while services in the US expanded at the fastest clip since September in March, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. US jobless claims fell 9,000 to 282,000 in the week ended March 21, 2015. The gauge measuring US services activity rose to 58.6 in March from 57.1 in February, with a reading above 50 signaling expansion. Oil may continue its bullion ride today amid renewed Middle East tensions which may disrupt supplies. At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,253 per barrel, up by 5.14 per cent, after opening at Rs 3,114, against the previous close price of Rs 3,094. It touched an intraday high of Rs 3,368 till the closing.
27/03/2015 09:55
Crude oil futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as Saudi Arabia and its nine allies began bombing targets in Yemen, fueling fresh fears of unrest in the Middle East, raising concerns over disruptions in oil shipments from the oil-rich region. Saudi Arabia’s bombing of Shiite rebels in Yemen came after an appeal from Yemen’s President Abdurabuh Mansur Hadi. Together, the ten nations pump in about 21 million barrels of oil per day, accounting for 22 per cent of global trade. The number of Americans who filed for claiming unemployment benefits fell to the lowest level in five weeks while services in the US expanded at the fastest clip since September in March, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the fuel. US jobless claims fell 9,000 to 282,000 in the week ended March 21, 2015. The gauge measuring US services activity rose to 58.6 in March from 57.1 in February, with a reading above 50 signaling expansion. Oil may continue its bullion ride today amid renewed Middle East tensions which may disrupt supplies. At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,253 per barrel, up by 5.14 per cent, after opening at Rs 3,114, against the previous close price of Rs 3,094. It touched an intraday high of Rs 3,368 till the closing.
