Upbeat US economic data lifts Oil
01/04/2015 09:29
Crude oil futures closed higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as a pickup in US consumer confidence and faster home price gains signaled an improving world’s biggest economy, lifting the demand outlook for the fuel.
The gauge measuring US consumer confidence climbed to 101.3 in March from 98.8 in February. Home prices in 20 US cities rose the most since September, up 4.6 per cent in January 2015, year on year, accelerating from an annual gain of 4.4 per cent in December 2014.
Business activity in the Chicago region remained in contraction territory as the PMI stood at 46.3 in March, up from 45.8 in February, below the neutral 50-mark.
However, an uptick in US crude oil stockpiles which rose 5.2 million barrels last week signaled a widening global supply glut, trimming gains in the fuel.
Further, expectations of an Iran nuclear deal which threatens to boost crude shipments from the Islamic nation also curbed gains in the fuel. Iran and six global powers signaled that they have struck a consensus on the major elements of a nuclear accord that may ease sanctions on the former. The foreign ministers of Russia and Iran said that a framework for the nuclear accord may be drafted on Wednesday.
Oil may fall today ahead of EIA data which may show that US oil supplies expanded from a record last week.
At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,025 per barrel, up by 0.27 per cent, after opening at Rs 3,025, against the previous close price of Rs 3,017. It touched an intraday high of Rs 3,055 till the closing.
01/04/2015 09:29
Crude oil futures closed higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as a pickup in US consumer confidence and faster home price gains signaled an improving world’s biggest economy, lifting the demand outlook for the fuel.
The gauge measuring US consumer confidence climbed to 101.3 in March from 98.8 in February. Home prices in 20 US cities rose the most since September, up 4.6 per cent in January 2015, year on year, accelerating from an annual gain of 4.4 per cent in December 2014.
Business activity in the Chicago region remained in contraction territory as the PMI stood at 46.3 in March, up from 45.8 in February, below the neutral 50-mark.
However, an uptick in US crude oil stockpiles which rose 5.2 million barrels last week signaled a widening global supply glut, trimming gains in the fuel.
Further, expectations of an Iran nuclear deal which threatens to boost crude shipments from the Islamic nation also curbed gains in the fuel. Iran and six global powers signaled that they have struck a consensus on the major elements of a nuclear accord that may ease sanctions on the former. The foreign ministers of Russia and Iran said that a framework for the nuclear accord may be drafted on Wednesday.
Oil may fall today ahead of EIA data which may show that US oil supplies expanded from a record last week.
At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,025 per barrel, up by 0.27 per cent, after opening at Rs 3,025, against the previous close price of Rs 3,017. It touched an intraday high of Rs 3,055 till the closing.
