Crude oil futures jumped above $93 a barrel in Asia electronic session today, supported by positive economic data from US and Japan indicating high demand for the commodity.
Light, sweet crude for April delivery is trading up 28 cents at $ 93.31 per barrel on the New York Mercantile Exchange. Yesterday, it settled 51 cents, or 0.6%, higher at $93.03 a barrel.
Open Interest for NYMEX Brent reached 51,642 contracts, compared to 49,305 on February 28, 2013, the last record for this contract. Trading volume for this contract is also at record highs, with average daily volume for March at 28,846 contracts.
U.S. crude futures settled higher Thursday as investors cheered a reading on the U.S. labor market that pointed to further improvements in the broader economy. The number of U.S. workers filing new applications for jobless benefits fell by 10,000 last week to a seasonally adjusted 332,000, the Labor Department said.
Further supporting the energy commodity was the data from Japan, the world leading crude oil user. The Japanese government upgraded its assessment of the domestic economy for the third straight month in March, saying it was "showing movements of picking up," as industrial production and corporate profits all showed signs of improvement.
In its monthly report released Friday, the government raised its assessment of industrial production, corporate earnings, capital investment and employment. It said economic recovery is "expected to resume gradually, supported by the improvement of confidence, the improvement of export conditions and the effect of the policy package and monetary policy."
MCX March crude futures may open today’s session near Rs 5040 with resistance near Rs 5060-70 with support around Rs 5010 levels.
Source by Commodity Insights
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