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Drop in US rig count lifts Oil

By Religare
|

Oil extended an impressive rally in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity after the first drop in US oil rig count in seven weeks signaled lower production, going ahead, easing fears over a global supply glut.

Baker Hughes said that the number of rigs drilling for oil fell by 13 to 662 last week.

Investors weighed mixed US jobs data which showed that American employers added fewer jobs in August even as the jobless rate slid to the lowest level since April 2008, offering little clarity over the demand outlook for the fuel in the world's biggest oil consumer.

 

Non-farm payrolls in the US, climbed by 173,000 in August, compared to an upwardly revised 245,000 gain in July, and below expectations of a 217,000 rise. However, the unemployment rate fell to 5.1 per cent in August 2015 from 5.3 per cent in July 2015.

Oil may fall today as a slowdown in US payrolls growth signaled slight weakness in the world's biggest economy that may weaken demand for the fuel.

At the MCX, Crude oil futures, for the September 2015 contract, closed at Rs 3,110 per barrel, up by 0.78 per cent, after opening at Rs 3,097, against the previous close price of Rs 3,086. It touched an intraday high of Rs 3,148.

Story first published: Monday, September 7, 2015, 12:10 [IST]
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