Oil rebounds on Libya supply concerns
29/12/2014 11:13
Crude oil futures rose 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 rising concerns that a worsening conflict in Libya, the holder of Africa’s largest oil reserves may lead to supply disruptions, easing a global supply glut which has driven crude into bear terrain.
A Libyan government official said that Libya’s largest oil port which is capable of holding four times the country’s daily production is at risk of catching fire.
Meanwhile, Algerian Energy Minister called on the OPEC to cut output to boost prices.
At the MCX, Crude oil futures, for the January 2015 contract, is trading at Rs 3,554 per barrel, up by 0.20 per cent, after opening at Rs 3,555, against the previous close price of Rs 3,547. It touched an intraday high of Rs 3,557 till the closing. (At 10:48 PM).
29/12/2014 11:13
Crude oil futures rose 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 rising concerns that a worsening conflict in Libya, the holder of Africa’s largest oil reserves may lead to supply disruptions, easing a global supply glut which has driven crude into bear terrain.
A Libyan government official said that Libya’s largest oil port which is capable of holding four times the country’s daily production is at risk of catching fire.
Meanwhile, Algerian Energy Minister called on the OPEC to cut output to boost prices.
At the MCX, Crude oil futures, for the January 2015 contract, is trading at Rs 3,554 per barrel, up by 0.20 per cent, after opening at Rs 3,555, against the previous close price of Rs 3,547. It touched an intraday high of Rs 3,557 till the closing. (At 10:48 PM).
