Oil extends gains ahead of US data
12/09/2014 11:43
Crude oil futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity ahead of US retail sales and consumer sentiment data which may signal strength in the world’s biggest economy, lifting the demand outlook for the fuel.
US retail sales may have rebounded sharply in August after turning flat in July while consumer sentiment likely rose in September.
At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,667 per barrel, up by 0.60 per cent, after opening at Rs 5,640, against a previous close of Rs 5,633. It touched an intra-day high of Rs 5,677. (At 11:26 AM).
Crude oil futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity ahead of US retail sales and consumer sentiment data which may signal strength in the world’s biggest economy, lifting the demand outlook for the fuel.
US retail sales may have rebounded sharply in August after turning flat in July while consumer sentiment likely rose in September.
At the MCX, Crude Oil futures, for the September 2014 contract, is trading at Rs 5,667 per barrel, up by 0.60 per cent, after opening at Rs 5,640, against a previous close of Rs 5,633. It touched an intra-day high of Rs 5,677. (At 11:26 AM).
