Crude oil surges on Libya conflict 30/12/2014

Crude oil surges on Libya conflict
30/12/2014 11:33
Crude oil prices rose by 0.12 per cent on Tuesday at the domestic markets supported by concerns over a potential disruption to exports from Libya. Prices rose after a fire caused by fighting at one of Libya's main export terminals destroyed 800,000 barrels of crude oil in the midst of clashes between factions battling for control of the nation. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,418 per barrel, up by 0.12 per cent, after opening at Rs. 3,428 against the previous closing price of Rs. 3,414. It touched the intra-day high of Rs. 3,439 till the trading. (At 11.250 AM today). Sentiment improved further on account of stimulus programs in China and Japan. The People's Bank of China said that it plans to loosen loan-to-deposit ratios for banks from next year.