Oil extends Bullish ride
07/05/2015 13:11
Riding on the euphoria of the first drop in US crude oil stockpiles in four months, oil futures extended a rally in the domestic market on Thursday as investors and speculators bet that the US shale oil boom has hit its peak, with production falling from records, easing worries over a global supply glut.
The Energy Information Administration (EIA) reported that US crude oil stockpiles fell by 3.88 million barrels in the week ended May 1, 2015. Analysts had penned down an increase of 1.5 million barrels last week.
However, a slowdown in the world’s biggest economy amidst fewer than expected workers added in the US private sector last month plagued sentiment, curbing gains in the fuel. The American private sector created only 169,000 jobs in April, compared to a downwardly revised 175,000 increase in March.
At the MCX, Crude oil futures, for the May 2015 contract, is trading at Rs 3,893 per barrel, up by 0.28 per cent, after opening at Rs 3,874, against the previous close price of Rs 3,882. It touched an intraday high of Rs 3,896. (At 12:09 PM).
07/05/2015 13:11
Riding on the euphoria of the first drop in US crude oil stockpiles in four months, oil futures extended a rally in the domestic market on Thursday as investors and speculators bet that the US shale oil boom has hit its peak, with production falling from records, easing worries over a global supply glut.
The Energy Information Administration (EIA) reported that US crude oil stockpiles fell by 3.88 million barrels in the week ended May 1, 2015. Analysts had penned down an increase of 1.5 million barrels last week.
However, a slowdown in the world’s biggest economy amidst fewer than expected workers added in the US private sector last month plagued sentiment, curbing gains in the fuel. The American private sector created only 169,000 jobs in April, compared to a downwardly revised 175,000 increase in March.
At the MCX, Crude oil futures, for the May 2015 contract, is trading at Rs 3,893 per barrel, up by 0.28 per cent, after opening at Rs 3,874, against the previous close price of Rs 3,882. It touched an intraday high of Rs 3,896. (At 12:09 PM).
