OPEC bets, weaker dollar sparks Crude rebound
18/11/2014 16:13
Crude oil futures posted a strong rebound in the domestic market on Tuesday amid rising speculation that the OPEC, which accounts for about 40 per cent of global crude supplies, may move to lower output to support plunging oil prices. Venezuelan and Russian oil officials met on Monday to explore ways to support oil prices.
A weaker dollar boosted the demand for the energy commodity as an alternative asset. Weaker greenback makes crude cheaper for those holding other currencies, thus boosting demand.
At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,710 per barrel, up by 1.16 per cent, after opening at Rs 4,666, against a previous close of Rs 4,656. It touched an intra-day high of Rs 4,723. (At 16:01 PM).
18/11/2014 16:13
Crude oil futures posted a strong rebound in the domestic market on Tuesday amid rising speculation that the OPEC, which accounts for about 40 per cent of global crude supplies, may move to lower output to support plunging oil prices. Venezuelan and Russian oil officials met on Monday to explore ways to support oil prices.
A weaker dollar boosted the demand for the energy commodity as an alternative asset. Weaker greenback makes crude cheaper for those holding other currencies, thus boosting demand.
At the MCX, Crude Oil futures, for the November 2014 contract, is trading at Rs 4,710 per barrel, up by 1.16 per cent, after opening at Rs 4,666, against a previous close of Rs 4,656. It touched an intra-day high of Rs 4,723. (At 16:01 PM).
