Oil.....Crude oil futures slipped in the Asia trading hours today as the traders booked profit after the commodity rallied nearly 5% this week. The weakness in the US dollar and gains in the Asian equities were of little help to the energy commodity.
Asian stock markets were mostly higher Friday after better-than-expected U.S. employment data boosted investor confidence, but Japan's benchmark fell a
mid an unwelcome drop in consumer prices.
Wall Street closed higher Thursday after the U.S. government reported the number of Americans seeking jobless benefits dropped last week by 16,000, suggesting that companies are cutting fewer jobs and that the U.S. may be headed for an uptick in job growth.
Hong Kong's Hang Seng rose 0.9 percent to 22,591.45. Australia's S&P/ASX 200 advanced 0.2 percent to 5,112.60. Benchmarks in Singapore, Taiwan, and New Zealand also rose. South Korea's Kospi fell 0.2 percent at 1,948.25.
But the Nikkei 225 in Tokyo slipped from a five-year high after Japan's consumer price index fell 0.9 percent in March from a year earlier. The result flies in the face of efforts by Prime Minister Shinzo Abe, who took office in December vowing to reverse a long bout of deflation, or falling prices, which has crippled economic growth.
Crude oil for June delivery is trading down 44 cents at $ 93.20 per barrel on the New York Mercantile Exchange. Yesterday, it rose $2.21, or 2.4%, to settle at $93.64 a barrel.
The advance got support from some crude-positive factors, including a rise in most Asian and European stock indexes and a falling U.S. dollar.
The dollar was sent deeper into a decline after the pound rallied on the back of better-than-expected U.K. GDP data. The report showed the U.K. economy expanded 0.3% in the first quarter, avoiding a triple-dip recession.
MCX May crude futures may open today’s session below Rs 5000 levels with support around Rs 4970 levels and Rs 4910 levels.
Source by Commodity Insights
No comments:
Post a Comment