Friday, October 23, 2015

Crude Oil Ends Lower On Sluggish US Data

Crude oil futures ended lower in the domestic market on Thursday after number of people who filed for unemployment assistance in the US rose last week, holding close to the lowest level in 42 years indicating a weak labor market in US, world’s largest consumer of crude oil which reduced the demand outlook for the fuel. The US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 17 increased by 3,000 to a seasonally adjusted 259,000 from the previous week’s total of 256,000. Sentiment weakened further after US crude oil inventories rose more-than-expected last month. In a report, Energy Information Administration said that US Crude Oil Inventories rose to a seasonally adjusted annual rate of 8.028M, from 7.562M in the preceding month. At the MCX, Crude oil futures, for the November 2015 contract, closed at Rs 2,951 per barrel, down by 0.71 per cent, after opening at Rs 2,983, against the previous close price of Rs 2,972. It touched an intraday low of Rs 2,943.