Oil Starts Week On Downbeat Note

Oil.......
Crude oil futures

started the week on a downbeat note after recording gains of nearly 5% last week the biggest weekly advance since June.New York-traded crude oil futures ended Friday's session lower on concerns over a slowdown in demand from the U.S. resurfaced after official data showed that the economy grew less-than-forecast in the first quarter. Despite Friday's weak performance, Nymex oil futures rose 5% on the week, the biggest weekly advance since June. Oil prices came under pressure after the Commerce Department said U.S. gross domestic product expanded by 2.5% in the three months to March, missing expectations for growth of 3.0%.The International Monetary Fund said in a report released Monday showed that Asia Pacific economies will improve at a gradual pace in 2013 as the global economic outlook has brightened, but the risk of financial imbalance is growing in some parts of the region.The IMF said the region as a whole should manage 5.7% growth in 2013, lower than its most recent forecast in October of 5.9%, partly because the region-wide slowdown in 2012 was deeper than IMF officials had expected. The IMF estimated 2012 growth at 5.3%. The IMF defines the Asia Pacific region to include Australia and New Zealand and South Asian countries Bangladesh, India and Sri Lanka.Light sweet crude futures for delivery in June are trading down 38 cents at $ 92.62 per barrel on the New York Mercantile Exchange. It shed 0.8% Friday to settle the week at $92.89 a barrel by close of trade. Oil prices are up nearly 8% since hitting a four-month low of $85.91 a barrel on April 18. The coming week will bring another set of key U.S. indicators, including a government report on consumer spending on Monday, the consumer confidence index on Tuesday, monthly trade figures on Thursday, and the crucial non-farm payrolls data for April on Friday. April manufacturing indicators are also set for release from the U.S., China and the euro zone.Furthermore, the Federal Open Market Committee monetary-policy decision is due Wednesday, while the

Crude oil futures started the week on a downbeat note after recording gains of nearly 5% last week the biggest weekly advance since June.

New York-traded crude oil futures ended Friday's session lower on concerns over a slowdown in demand from the U.S. resurfaced after official data showed that the economy grew less-than-forecast in the first quarter.

Despite Friday's weak performance, Nymex oil futures rose 5% on the week, the biggest weekly advance since June. Oil prices came under pressure after the Commerce Department said U.S. gross domestic product expanded by 2.5% in the three months to March, missing expectations for growth of 3.0%.

The International Monetary Fund said in a report released Monday showed that Asia Pacific economies will improve at a gradual pace in 2013 as the global economic outlook has brightened, but the risk of financial imbalance is growing in some parts of the region.

The IMF said the region as a whole should manage 5.7% growth in 2013, lower than its most recent forecast in October of 5.9%, partly because the region-wide slowdown in 2012 was deeper than IMF officials had expected. The IMF estimated 2012 growth at 5.3% The IMF defines the Asia Pacific region to include Australia and New Zealand and South Asian countries Bangladesh, India and Sri Lanka.

Light sweet crude futures for delivery in June are trading down 38 cents at $ 92.62 per barrel on the New York Mercantile Exchange. It shed 0.8% Friday to settle the week at $92.89 a barrel by close of trade. Oil prices are up nearly 8% since hitting a four-month low of $85.91 a barrel on April 18.

The coming week will bring another set of key U.S. indicators, including a government report on consumer spending on Monday, the consumer confidence index on Tuesday, monthly trade figures on Thursday, and the crucial non-farm payrolls data for April on Friday. April manufacturing indicators are also set for release from the U.S., China and the euro zone.

Furthermore, the Federal Open Market Committee monetary-policy decision is due Wednesday, while the European Central Bank is expected by many economists to cut interest rates by a quarter-point on Thursday.

MCX May crude oil futures may open today's session near Rs 5050 levels with support around Rs 5000-4950 levels.

European Central Bank is expected by many economists to cut interest rates by a quarter-point on Thursday.MCX May crude oil futures may open today's session near Rs 5050 levels with support around Rs 5000-4950 levels.

Source by Commodity Insights