Free MCX Tips: Crude oil futures closed up by 1% in the national market on Thursday as investors and speculators booked fresh positions in the energy commodity as heightened bets of a slowdown in oil production amidst a smaller than expected rise in US crude storage levels last week overshadowed subdued US economic data.
The world’s biggest economy cooled in the third quarter, while the number of Americans who filed for unemployment benefits edged up slightly last week while contracts to purchase existing homes in the US surprisingly fell in September, signaling a slowdown in the world’s biggest economy, clouding the demand outlook for the fuel.
The US economy grew at an annualized pace of 1.5 per cent in the September quarter following a 3.9% rate in Q2. However, the data masked buoyant consumer and business spending while excluding the largest inventory swing since 2011, the economy grew at a 3 per cent pace.
US jobless claims climbed by 1,000 to 260,000 in the week ended October 24, while pending home sales index declined 2.3 per cent in September, the most since late-2013.
Oil may fall today as a surge in prices in recent sessions paves way for profit taking by traders.
At the MCX, Crude oil futures, for the November 2015 contract, closed at Rs 3,028 per barrel, up by 1 per cent, after opening at Rs 3,001, against the previous close price of Rs 2,998. It touched an intraday high of Rs 3,070.
The world’s biggest economy cooled in the third quarter, while the number of Americans who filed for unemployment benefits edged up slightly last week while contracts to purchase existing homes in the US surprisingly fell in September, signaling a slowdown in the world’s biggest economy, clouding the demand outlook for the fuel.
The US economy grew at an annualized pace of 1.5 per cent in the September quarter following a 3.9% rate in Q2. However, the data masked buoyant consumer and business spending while excluding the largest inventory swing since 2011, the economy grew at a 3 per cent pace.
US jobless claims climbed by 1,000 to 260,000 in the week ended October 24, while pending home sales index declined 2.3 per cent in September, the most since late-2013.
Oil may fall today as a surge in prices in recent sessions paves way for profit taking by traders.
At the MCX, Crude oil futures, for the November 2015 contract, closed at Rs 3,028 per barrel, up by 1 per cent, after opening at Rs 3,001, against the previous close price of Rs 2,998. It touched an intraday high of Rs 3,070.
No comments:
Post a Comment