Profit booking drags down Oil
27/04/2015 09:12
Crude oil futures ended lower in the domestic market on Friday as investors and speculators booked profits in the energy commodity after a stellar rally in the previous session owing to fresh fears that renewed tensions in the Middle East amid the resumption of Saudi-led coalition’s bombing of Iran-backed Shiite targets in Yemen may lead to a disruption of oil supplies from the crude-rich region.
Investors cast aside a drop in US oil rig count which fell by 31 to 703 last week, the 20th straight decline, signaling a slowdown in production activity, going forward, in the world’s biggest crude oil consumer.
A mixed report on US durable goods orders signaled softness in American manufacturing, clouding the demand outlook for the fuel in the world’s biggest economy.
A surge in civilian aircraft & defence orders pushed up overall US durable goods orders by 4 per cent in March from February when they declined 1.4 per cent, but core durable goods orders fell 0.5 per cent in March, while bookings for non-defence capital goods excluding aircraft, a proxy for business investment fell 0.4 per cent.
Oil may rebound today amid concerns over Yemen and signs of slowing US output.
At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,650 per barrel, down by 1.03 per cent, after opening at Rs 3,670, against the previous close price of Rs 3,688. It touched an intradaylow of Rs 3,614 till the closing.
27/04/2015 09:12
Crude oil futures ended lower in the domestic market on Friday as investors and speculators booked profits in the energy commodity after a stellar rally in the previous session owing to fresh fears that renewed tensions in the Middle East amid the resumption of Saudi-led coalition’s bombing of Iran-backed Shiite targets in Yemen may lead to a disruption of oil supplies from the crude-rich region.
Investors cast aside a drop in US oil rig count which fell by 31 to 703 last week, the 20th straight decline, signaling a slowdown in production activity, going forward, in the world’s biggest crude oil consumer.
A mixed report on US durable goods orders signaled softness in American manufacturing, clouding the demand outlook for the fuel in the world’s biggest economy.
A surge in civilian aircraft & defence orders pushed up overall US durable goods orders by 4 per cent in March from February when they declined 1.4 per cent, but core durable goods orders fell 0.5 per cent in March, while bookings for non-defence capital goods excluding aircraft, a proxy for business investment fell 0.4 per cent.
Oil may rebound today amid concerns over Yemen and signs of slowing US output.
At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,650 per barrel, down by 1.03 per cent, after opening at Rs 3,670, against the previous close price of Rs 3,688. It touched an intradaylow of Rs 3,614 till the closing.
