Crude oil futures ended a tad lower in the domestic market on Wednesday after a report said that US crude oil stockpiles rose last week, signaling weakening demand for the fuel in the world’s biggest crude oil consuming nation. US crude oil stockpiles rose 2.99 million barrels to 362 million barrels last week, the Energy Department said.
A decline in pending homes sales in the US signaled a cooling housing recovery in the world’s biggest economy, dimming the demand outlook for the fuel. The gauge measuring pending home sales fell at the fastest pace this year, down 1.3 per cent in July 2013.
However, concerns that the Syria conflict may escalate and disrupt oil supplies from the Middle East, curbed losses in the fuel. The US and UK were ready to take military action against Syria even without UN authorization.
At the MCX, Crude Oil futures, for the September 2013 contract, closed at Rs 7,347 per barrel, down by 0.11 per cent, after opening at Rs 7,377, against a previous close of Rs 7,355. It touched an intra-day low of Rs 7,303.
A decline in pending homes sales in the US signaled a cooling housing recovery in the world’s biggest economy, dimming the demand outlook for the fuel. The gauge measuring pending home sales fell at the fastest pace this year, down 1.3 per cent in July 2013.
However, concerns that the Syria conflict may escalate and disrupt oil supplies from the Middle East, curbed losses in the fuel. The US and UK were ready to take military action against Syria even without UN authorization.
At the MCX, Crude Oil futures, for the September 2013 contract, closed at Rs 7,347 per barrel, down by 0.11 per cent, after opening at Rs 7,377, against a previous close of Rs 7,355. It touched an intra-day low of Rs 7,303.
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