World crude oil prices edged up from their lows amid continued signs
of bargain buyingthough tepid economic data could arrest the gains in
the commodity. Worries about theactions from OPEC oil cartel at its
upcoming meeting is offering some support for thecommodity after prices
sank to a three year low last week. The slightly weak undertone inthe US
dollar is also pushing up the prices. The dollar is of its recent highs
and quotesaround 1.2540 against the Euro right now. The WTI Crude oil
is quoting at $74.79 perbarrel, up 25 cents per barrel on the day.
However, MCX Crude oil is quoting at Rs 4661per barrel, down Rs 22 per
barrel on the day.
China's HSBC manufacturing PMI came in at 50.0 in November, down from 50.4 in October.A score above 50 signals expansion in a sector, while a reading below means contraction.The manufacturing sector defied expectations for expansion in November as the purchasingmanagers' index fell its lowest level in six months, preliminary figures from HSBC andMarkit Economics revealed on Thursday.
Germany's private sector expanded at the slowest pace since July last year, flashsurvey data from Markit Economics showed today. The Markit composite output index slippedto 52.1 in November from 53.9 in October. The activity expanded for 19 consecutive monthsbut it was the slowest expansion in 16 months. However, output growth slowed at bothmanufacturers and service providers. The services Purchasing Managers' Index droppedunexpectedly to 52.1 from 54.4 a month ago. The PMI for manufacturing fell to 50 from 51.4in October, while it was expected to improve to 51.5.
US commercial crude inventories increased by 2.6 million barrels last week, maintaininga total US commercial crude inventory of 381.1 million barrels, according to the weeklypetroleum status report from US Energy Information Administration (EIA) Yesterday,. Crudeinventory remains in the upper half of the five-year range for this time of the year.
The EIA, in its latest monthly short-term energy outlook cut its forecast for benchmarkUS crude-oil prices to an average of $95 a barrel this year and $77.75 a barrel next year,below its previous forecasts of $97.72 a barrel this year and $94.58 a barrel next year.For Brent, the global benchmark, the EIA expects prices to average $101.04 a barrel in2014 and $83.42 a barrel in 2015. In October, the agency called for price averages of$104.42 a barrel this year and $101.67 a barrel next year.
The EIA raised its forecast for total US crude production this year to 8.57 millionbarrels a day, up from its prior forecast of 8.54 million barrels a day. For 2015, theagency lowered its production forecast from 9.50 million barrels a day to 9.42 millionbarrels a day. The forecast 2015 production would represent the highest level of annualaverage oil production since 1972, the EIA said.
China's HSBC manufacturing PMI came in at 50.0 in November, down from 50.4 in October.A score above 50 signals expansion in a sector, while a reading below means contraction.The manufacturing sector defied expectations for expansion in November as the purchasingmanagers' index fell its lowest level in six months, preliminary figures from HSBC andMarkit Economics revealed on Thursday.
Germany's private sector expanded at the slowest pace since July last year, flashsurvey data from Markit Economics showed today. The Markit composite output index slippedto 52.1 in November from 53.9 in October. The activity expanded for 19 consecutive monthsbut it was the slowest expansion in 16 months. However, output growth slowed at bothmanufacturers and service providers. The services Purchasing Managers' Index droppedunexpectedly to 52.1 from 54.4 a month ago. The PMI for manufacturing fell to 50 from 51.4in October, while it was expected to improve to 51.5.
US commercial crude inventories increased by 2.6 million barrels last week, maintaininga total US commercial crude inventory of 381.1 million barrels, according to the weeklypetroleum status report from US Energy Information Administration (EIA) Yesterday,. Crudeinventory remains in the upper half of the five-year range for this time of the year.
The EIA, in its latest monthly short-term energy outlook cut its forecast for benchmarkUS crude-oil prices to an average of $95 a barrel this year and $77.75 a barrel next year,below its previous forecasts of $97.72 a barrel this year and $94.58 a barrel next year.For Brent, the global benchmark, the EIA expects prices to average $101.04 a barrel in2014 and $83.42 a barrel in 2015. In October, the agency called for price averages of$104.42 a barrel this year and $101.67 a barrel next year.
The EIA raised its forecast for total US crude production this year to 8.57 millionbarrels a day, up from its prior forecast of 8.54 million barrels a day. For 2015, theagency lowered its production forecast from 9.50 million barrels a day to 9.42 millionbarrels a day. The forecast 2015 production would represent the highest level of annualaverage oil production since 1972, the EIA said.
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