OPEC bets push Crude higher
24/11/2014 11:34
Crude oil futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market amid reports that Iran will seek a cut in OPEC’s targeted production level at the upcoming Vienna meet, easing concerns over a global supply glut. Further, a surprise interest rate cut by China, the world’s second biggest oil consumer lifted the demand prospects for the fuel amid hopes that easing credit conditions may help revive economic growth. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,771 per barrel, up by 1.58 per cent, after opening at Rs 4,725, against a previous close of Rs 4,697. It touched an intra-day high of Rs 4,773. (At 11:18 AM).
24/11/2014 11:34
Crude oil futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market amid reports that Iran will seek a cut in OPEC’s targeted production level at the upcoming Vienna meet, easing concerns over a global supply glut. Further, a surprise interest rate cut by China, the world’s second biggest oil consumer lifted the demand prospects for the fuel amid hopes that easing credit conditions may help revive economic growth. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,771 per barrel, up by 1.58 per cent, after opening at Rs 4,725, against a previous close of Rs 4,697. It touched an intra-day high of Rs 4,773. (At 11:18 AM).
