Crude oil futures higher on Iraq, US economic outlook
26/06/2014 11:28
Crude oil futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity amid concerns that deepening unrest in northern Iraq may crimp crude supplies from the OPEC’s second biggest crude producer. Investors are eying the US jobless claims and consumer spending data to be released today which may show strength in the world’s biggest economy, lifting the demand outlook for the fuel. US jobless likely fell last week while consumer spending rose in May. At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,443 per barrel, up by 0.23 per cent, after opening at Rs 6,438, against a previous close of Rs 6,428. It touched an intra-day high of Rs 6,450. (At 11:08 AM).
26/06/2014 11:28
Crude oil futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity amid concerns that deepening unrest in northern Iraq may crimp crude supplies from the OPEC’s second biggest crude producer. Investors are eying the US jobless claims and consumer spending data to be released today which may show strength in the world’s biggest economy, lifting the demand outlook for the fuel. US jobless likely fell last week while consumer spending rose in May. At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,443 per barrel, up by 0.23 per cent, after opening at Rs 6,438, against a previous close of Rs 6,428. It touched an intra-day high of Rs 6,450. (At 11:08 AM).
