Falling rig count boosts Oil
13/04/2015 09:37
Crude oil futures closed with modest gains in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market after an eighteenth straight decline in US oil rig count last week signaled lower oil production, going forward, in the world’s biggest economy, easing fears of a widening global supply glut.
US oil rig count fell by 42 to 760 in the week ended April 10, the biggest decline in a month, Baker Hughes said.
Meanwhile, bets that a return of Iranian oil to the market will take time even as the West negotiated a tentative nuclear accord with the Islamic nation, also eased concerns over ballooning crude supplies.
China’s consumer inflation for March topped estimates while factory-gate price slump eased, signaling a demand revival in the world’s second biggest oil consumer, lifting the demand outlook for the fuel.
China’s consumer prices climbed 1.4 per cent, year on year in March 2015, beating the estimated 1.3 per cent annual gain while factory gate deflation decelerated to 4.6 per cent in March 2015 from 4.8 per cent in February 2015.
Oil may tumble today after a severe drop in China’s exports and imports last month darkened demand outlook.
At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,220 per barrel, up by 0.16 per cent, after opening at Rs 3,183, against the previous close price of Rs 3,215. It touched an intraday high of Rs 3,240 till the closing.
13/04/2015 09:37
Crude oil futures closed with modest gains in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market after an eighteenth straight decline in US oil rig count last week signaled lower oil production, going forward, in the world’s biggest economy, easing fears of a widening global supply glut.
US oil rig count fell by 42 to 760 in the week ended April 10, the biggest decline in a month, Baker Hughes said.
Meanwhile, bets that a return of Iranian oil to the market will take time even as the West negotiated a tentative nuclear accord with the Islamic nation, also eased concerns over ballooning crude supplies.
China’s consumer inflation for March topped estimates while factory-gate price slump eased, signaling a demand revival in the world’s second biggest oil consumer, lifting the demand outlook for the fuel.
China’s consumer prices climbed 1.4 per cent, year on year in March 2015, beating the estimated 1.3 per cent annual gain while factory gate deflation decelerated to 4.6 per cent in March 2015 from 4.8 per cent in February 2015.
Oil may tumble today after a severe drop in China’s exports and imports last month darkened demand outlook.
At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,220 per barrel, up by 0.16 per cent, after opening at Rs 3,183, against the previous close price of Rs 3,215. It touched an intraday high of Rs 3,240 till the closing.
