Friday, 27 September 2013

MCX Crude oil futures weighd on Easing Syria fears

MCX Crude oil futures ended lower in the domestic market on Yesterday as the five permanent members of the UN Security Council which include the US, UK, Russia, France and China reached a deal to make Syria surrender its chemical weapons, easing concerns over a US military strike against the country, tempering fears over a disruption of crude supplies from the Middle East. However, robust US data signaled a pickup in the world’s biggest economy, brightening the demand outlook for crude oil, curbing losses in the fuel. The number of Americans who filed for jobless claims fell by 5,000 to 305,000 last week, signaling an improving labour market recovery. 
The US economy gained steam last quarter as gross domestic product expanded at an annualized pace of 2.5 per cent from Q1, when it grew 1.1 per cent. At the MCX, Crude Oil futures, for the October 2013 contract, closed at Rs 6,402 per barrel, down by 0.47 per cent, after opening at Rs 6,424, against a previous close of Rs 6,432. It touched an intra-day low of Rs 6,382.

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