Oil futures surge on US supply hopes

Crude oil futures Rebounded in the domestic and overseas market on Tuesday as investors and speculators booked fresh positions in the energy commodity amid speculation that US crude oil supplies fell for a second straight week, easing fears over a deepening global supply glut. US crude oil stockpiles likely shrank by 2.5 million barrels last week, EIA data may show tomorrow. A bigger than expected improvement in a US economic activity index signaled underlying strength in the world’s biggest economy, lifting the demand outlook for the fuel. The Chicago Fed national activity index rose to 0.73 in November from 0.31 in October. At the MCX, Crude oil futures, for the January 2015 contract, is trading at Rs 3,577 per barrel, up by 1.22 per cent, after opening at Rs 3,559, against the previous close price of Rs 3,534. It touched an intraday high of Rs 3,587 till the closing. (At 10:29 PM).
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