Upbeat US jobs data buoys Oil
08/08/2016 11:27
Crude oil futures climbed during late morning trade in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity as better-than-expected US jobs data signaled a pickup in the world’s biggest economy that may bolster fuel consumption. Non-farm payrolls in the US climbed 255,000 in July, following a revised 292,000 gain in June, against an estimated 180,000 addition. Traders cast aside a sixth straight rise in US rig count to 7 by 381 last week, which signaled higher production in the coming months. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 2,808 per barrel, up by 0.79 per cent, after opening at Rs 2,795, against a previous close of Rs 2,786. It touched the intra-day high of Rs 2,817. (At 11:24 AM).
