TODAY COMMODITY NEWS FOR Crude oil futures

Crude oil futures rose in the domestic market on Friday after a report said that the number of Americans who filed for unemployment claims last week fell to the lowest level in more than five years, signaling an improving labour market recovery, bolstering the demand outlook for the fuel. Unemployment claims in the US fell by 18,000 to 324,000 last week, the lowest level since January 2008, the Labour Department said in a report. Further, US trade deficit narrowed to USD 38.8 billion in March 2013 from USD 43.6 billon in the prior month as imports of consumer goods and business equipment dropped, lifting the demand outlook for the fuel. The European Central Bank (ECB) cut borrowing costs to a record low in a bid to the revive the 17-member Euro area economy, which is failing to overcome its worst recession in four years. The central bank lowered its main refinancing rate or its benchmark interest rate to 0.50 per cent from 0.75 per cent. At the MCX, Crude Oil futures, for the May 2013 contract, is trading at Rs 5,063 per barrel, up by 0.92 per cent, after opening at Rs 5,028, against a previous close of Rs 5,017. It touched an intra-day high of Rs 5,067. (At 15:09 PM).

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