Oil rebounds on signs of Saudi confidence
26/12/2014 10:22
Crude oil futures rebounded strongly in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market amid speculation that Saudi Arabia, OPEC’s largest crude exporter is seen as signaling confidence in the oil market.
Saudi Arabia sees crude rebounding to USD 80 per barrel next year as demand rises amid a gradual recovery in the world economy. Meanwhile, Iraq’s Oil Minister Adel Abdul Mahdi said that crude prices are “fair” at about USD 70 -80 a barrel.
At the MCX, Crude oil futures, for the January 2015 contract, is trading at Rs 3,600 per barrel, up by 1.41 per cent, after opening at Rs 3,590, against the previous close price of Rs 3,550. It touched an intraday high of Rs 3,601 till the closing. (At 10:07 PM).
26/12/2014 10:22
Crude oil futures rebounded strongly in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market amid speculation that Saudi Arabia, OPEC’s largest crude exporter is seen as signaling confidence in the oil market.
Saudi Arabia sees crude rebounding to USD 80 per barrel next year as demand rises amid a gradual recovery in the world economy. Meanwhile, Iraq’s Oil Minister Adel Abdul Mahdi said that crude prices are “fair” at about USD 70 -80 a barrel.
At the MCX, Crude oil futures, for the January 2015 contract, is trading at Rs 3,600 per barrel, up by 1.41 per cent, after opening at Rs 3,590, against the previous close price of Rs 3,550. It touched an intraday high of Rs 3,601 till the closing. (At 10:07 PM).
