Energy Preview: Oil Sees Choppy Moves

Choppy moves continued for Crude oil futures amid mixed economic data and volatile equities. Partly reflecting a slowdown in the pace of job growth in the service sector, the Institute for Supply Management released a report on Thursday showing a bigger than expected decrease by its index of activity in the sector. The ISM said its non-manufacturing index fell to 56.8 in April from 58.8 in March. A report released by the Commerce Department showed a bigger than expected increase in new orders for US manufactured goods in the month of March. The report said factory orders surged up by 1.6% in March, matching the upwardly revised jump seen in February. US stocks saw volatile moves and witnessed an initial sell off on Uncertainty about the outcome of highly anticipated trade talks between the US and China. WTI Crude has been moving in a tight range this week and currently trades just above $ 68.30 per barrel, witnessing marginal losses. MCX Crude oil futures ended around Rs 4570 per barrel mark in last session.