Crude oil gains on strong demand prospects
20/01/2015 12:45
Crude oil prices rose by 0.13 per cent on Tuesday at the domestic markets after National Bureau of Statistics of China said that Chinese Retail Sales rose to an annual rate of 11.9 per cent, from 11.7 per cent in the preceding month signaling improving sentiment in China, world’s second largest economy which raised the demand outlook for the fuel.
At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,987 per barrel, up by 0.13 per cent, after opening at Rs. 2,988 against the previous closing price of Rs. 2,983. It touched the intra-day high of Rs. 2,998 till the trading. (At 11.56 AM today). However, gains were limited as Iraq’s production rose to record highs, threatening to boost a supply glut. Iraqi Oil Minister said that the second biggest crude producer in the OPEC is pumping oil at a record pace of 4 million barrels per day.
20/01/2015 12:45
Crude oil prices rose by 0.13 per cent on Tuesday at the domestic markets after National Bureau of Statistics of China said that Chinese Retail Sales rose to an annual rate of 11.9 per cent, from 11.7 per cent in the preceding month signaling improving sentiment in China, world’s second largest economy which raised the demand outlook for the fuel.
At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,987 per barrel, up by 0.13 per cent, after opening at Rs. 2,988 against the previous closing price of Rs. 2,983. It touched the intra-day high of Rs. 2,998 till the trading. (At 11.56 AM today). However, gains were limited as Iraq’s production rose to record highs, threatening to boost a supply glut. Iraqi Oil Minister said that the second biggest crude producer in the OPEC is pumping oil at a record pace of 4 million barrels per day.
