Upbeat US economic data lifts Oil
05/03/2015 09:40
Crude oil futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity after services activity in the US picked up a gear last month while private sector payrolls topped the 200K mark, signaling momentum in the world’s biggest economy, lifting the demand outlook for the fuel.
The gauge measuring US services activity rose to 56.9 in February from 56.7 in January, with a reading above 50 signaling expansion. American companies boosted payrolls by 212,000 in February, following 250,000 in January which was revised upwards.
Investors cast aside bearish US supplies data which showed an eighth straight uptick in US crude inventories last week to a record high, threatening to boost a supply glut. US oil supplies climbed 10.3 million barrels to 444.4 million barrels in the week ended February 27, 2015, the biggest weekly gain in 14 years.
Stockpiles at Cushing, the biggest US oil storage hub, rose by 536,000 barrels last week while refinery utilization dropped by 0.8 percentage points. US oil production rose for the fourth week on the trot, to 9.3 million barrels per day last week.
Oil may decline today amid rising US supplies and as Saudi Arabia signaled that it will not cut down on output as it defends market share.
At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 3,163 per barrel, up by 0.80 per cent, after opening at Rs 3,148, against the previous close price of Rs 3,138. It touched an intraday high of Rs 3,200 till the closing.
05/03/2015 09:40
Crude oil futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity after services activity in the US picked up a gear last month while private sector payrolls topped the 200K mark, signaling momentum in the world’s biggest economy, lifting the demand outlook for the fuel.
The gauge measuring US services activity rose to 56.9 in February from 56.7 in January, with a reading above 50 signaling expansion. American companies boosted payrolls by 212,000 in February, following 250,000 in January which was revised upwards.
Investors cast aside bearish US supplies data which showed an eighth straight uptick in US crude inventories last week to a record high, threatening to boost a supply glut. US oil supplies climbed 10.3 million barrels to 444.4 million barrels in the week ended February 27, 2015, the biggest weekly gain in 14 years.
Stockpiles at Cushing, the biggest US oil storage hub, rose by 536,000 barrels last week while refinery utilization dropped by 0.8 percentage points. US oil production rose for the fourth week on the trot, to 9.3 million barrels per day last week.
Oil may decline today amid rising US supplies and as Saudi Arabia signaled that it will not cut down on output as it defends market share.
At the MCX, Crude oil futures, for the March 2015 contract, closed at Rs 3,163 per barrel, up by 0.80 per cent, after opening at Rs 3,148, against the previous close price of Rs 3,138. It touched an intraday high of Rs 3,200 till the closing.
