Drop in US supplies lifts Oil
07/05/2015 09:40
Crude oil futures rallied in the domestic and overseas market on Wednesday as investors and speculators booked fresh positions in the energy commodity as a surprise drop in US crude oil stockpiles last week signaled a pickup in demand for the fuel in the world’s biggest crude oil consumer.
US crude oil supplies fell 3.9 million barrels in the week ended May 1, the first decline in four months, compared to a 1.5 million barrels rise expected by analysts.
Cushing supplies fell 12,000 barrels to 61.7 million barrels last week, marking the second straight drop, the EIA said.
US refineries operated at 93 per cent of their capacity last week, the highest rate in four months, and up from 91.3 per cent in the previous week.
US oil production fell by 4,000 barrels per day to 9.369 million barrels last week, easing fears over a supply glut.
Investors shrugged off tepid US jobs data which showed that the private sector in the world’s biggest economy created only 169,000 jobs last month, compared to a downwardly revised 175,000 increase in March.
Oil may extend a rally today as fears over a global supply glut ease amid falling US crude stockpiles.
At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,882 per barrel, up by 0.65 per cent, after opening at Rs 3,882, against the previous close price of Rs 3,857. It touched an intraday high of Rs 3,989 till the closing.
07/05/2015 09:40
Crude oil futures rallied in the domestic and overseas market on Wednesday as investors and speculators booked fresh positions in the energy commodity as a surprise drop in US crude oil stockpiles last week signaled a pickup in demand for the fuel in the world’s biggest crude oil consumer.
US crude oil supplies fell 3.9 million barrels in the week ended May 1, the first decline in four months, compared to a 1.5 million barrels rise expected by analysts.
Cushing supplies fell 12,000 barrels to 61.7 million barrels last week, marking the second straight drop, the EIA said.
US refineries operated at 93 per cent of their capacity last week, the highest rate in four months, and up from 91.3 per cent in the previous week.
US oil production fell by 4,000 barrels per day to 9.369 million barrels last week, easing fears over a supply glut.
Investors shrugged off tepid US jobs data which showed that the private sector in the world’s biggest economy created only 169,000 jobs last month, compared to a downwardly revised 175,000 increase in March.
Oil may extend a rally today as fears over a global supply glut ease amid falling US crude stockpiles.
At the MCX, Crude oil futures, for the May 2015 contract, closed at Rs 3,882 per barrel, up by 0.65 per cent, after opening at Rs 3,882, against the previous close price of Rs 3,857. It touched an intraday high of Rs 3,989 till the closing.
