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Crude Oil futures rebound on US demand hopes

By Religare
|

Crude oil futures rose in the domestic market on Friday after a report said that the number of Americans who filed for unemployment benefit claims fell last week, signaling a pickup in the US labour market recovery, improving the demand outlook for the fuel. US jobless claims fell 23,000 to 340,000 last week, the Labour Department said.

Further, US new home sales surged last month, adding to optimism over the health of the world's biggest economy. New home sales in the US surged by 2.3 per cent to an annualized pace of 454,000 in April 2013, the second-highest level since the recession, above analysts' expectation of 430,000, the Commerce Department said.

 

Private sector output in the Euro area shrank at the weakest pace in three months in May as manufacturing and services downturn eased a sign that the 17-member economy may be emerging from a recession, improving the demand outlook for the fuel.

At the MCX, Crude Oil futures, for the June 2013 contract, is trading at Rs 5,238 per barrel, up by 0.44 per cent, after opening at Rs 5,215, against a previous close of Rs 5,215. It touched an intra-day high of Rs 5,250. (At 10:46 AM).

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Story first published: Friday, May 24, 2013, 13:30 [IST]
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