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Robust US economic data lifts Crude Oil futures

By Religare

Crude Oil futures ended higher in the domestic market on Thursday as robust US economic data signaled a pickup in the world's biggest economy, lifting the demand outlook for the fuel.

The number of Americans who filed for unemployment claims fell last week while household spending rebounded last month as incomes increased. Unemployment claims fell by 9,000 to 346,000 in the week ended June 22, the Labour Department said.


Consumer spending rose 0.3% in May following a 0.3% decline in the previous month as personal incomes climbed 0.5%. The gauge measuring pending home sales rose 6.7% to the highest level since December 2006 at 112.3 in May 2013, signaling a US housing market recovery.

US petroleum demand rose 3% to 19 million barrels per day last week, the EIA said. Gasoline consumption in the US climbed 0.6% to 8.89 million barrels per day last week, the EIA added.

At the MCX, Crude Oil futures, for the July 2013 contract, ended at Rs 5,845 per barrel, up by 0.86 per cent, after opening at Rs 5,806, against a previous close of Rs 5,795. It touched an intra-day high of Rs 5,867.

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Story first published: Friday, June 28, 2013, 12:40 [IST]
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