Crude oil extends gains; rises on upbeat demand outlook

Posted By: Religare
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Crude oil prices extended gains, rising by 0.82 per cent on Monday at the domestic markets after the US economy added more than expected jobs last month indicating an improving labor market in US, world's largest consumer of crude oil which raised the demand outlook for the fuel. Payrolls advanced 175,000 in May, up from 149,000 in the previous month as the jobless rate ticked up to 7.6 per cent from 7.5 per cent, the Labour Department said. At the MCX, crude oil futures for June 2013 contract were trading at Rs. 5,558 per barrel, up by 0.82 per cent, after opening at Rs. 5,522 against the previous closing price of Rs. 5,513. It touched the intra-day high of Rs. 5,559 till the trading. (At 10.37 AM today).

Sentiment improved further after US consumer borrowing rose USD 11.1 billion in April 2013 after a USD 8.37 billion increase in the previous month, the Federal Reserve said which further raised the demand outlook for the commodity.

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