Crude oil gains on positive demand outlook
04/02/2015 12:05
Crude oil prices rose by 0.68 per cent on Wednesday at the domestic markets despite signs that US crude supplies had registered another heavy build last week, investors were more confident that oil prices have hit a bottom after a seven-month rout. Traders said oil bulls were encouraged by BP's plan to cut capital expenditures 13 percent in 2015, which came after reductions announced by other major energy companies. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 3,248 per barrel, up by 0.68 per cent, after opening at Rs. 3,236 against the previous closing price of Rs. 3,226. It touched the intra-day high of Rs. 3,257 till the trading. (At 11.50 AM today).
04/02/2015 12:05
Crude oil prices rose by 0.68 per cent on Wednesday at the domestic markets despite signs that US crude supplies had registered another heavy build last week, investors were more confident that oil prices have hit a bottom after a seven-month rout. Traders said oil bulls were encouraged by BP's plan to cut capital expenditures 13 percent in 2015, which came after reductions announced by other major energy companies. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 3,248 per barrel, up by 0.68 per cent, after opening at Rs. 3,236 against the previous closing price of Rs. 3,226. It touched the intra-day high of Rs. 3,257 till the trading. (At 11.50 AM today).
