Oil tad higher ahead of US supply data
16/09/2014 11:34
Crude oil futures were trading with slim gains in the domestic market on Tuesday ahead of data which may show a dip in US crude oil stockpiles last week, signaling a pickup in fuel demand in the world’s biggest oil consumer. US crude oil stockpiles may have fallen by 1.5 million barrels last week, the EIA may say tomorrow. However, a surprise dip in US industrial output last month signaled doubts over the recovery in the world’s biggest economy, clouding the demand outlook for the fuel, curbing gains in crude futures. At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,671 per barrel, up by 0.07 per cent, after opening at Rs 5,674, against a previous close of Rs 5,667. It touched an intra-day high of Rs 5,682. (At 11:15AM).
16/09/2014 11:34
Crude oil futures were trading with slim gains in the domestic market on Tuesday ahead of data which may show a dip in US crude oil stockpiles last week, signaling a pickup in fuel demand in the world’s biggest oil consumer. US crude oil stockpiles may have fallen by 1.5 million barrels last week, the EIA may say tomorrow. However, a surprise dip in US industrial output last month signaled doubts over the recovery in the world’s biggest economy, clouding the demand outlook for the fuel, curbing gains in crude futures. At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,671 per barrel, up by 0.07 per cent, after opening at Rs 5,674, against a previous close of Rs 5,667. It touched an intra-day high of Rs 5,682. (At 11:15AM).
