Crude oil surges as dollar weakens
13/02/2015 12:46
Crude oil prices rose by 2.05 per cent on Friday at the domestic markets with industry spending cuts and a weaker dollar boosting buying. The CEO of Shell said Thursday that supply might not be able to keep up with growing demand after oil companies around the world slashed budgets following the near halving in prices since June. Further, a weak dollar raised the appeal of the commodity as an alternative asset. Weaker dollar makes the fuel cheaper for those holding other currencies, thus increasing demand. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 3,235 per barrel, up by 2.05 per cent, after opening at Rs. 3,175 against the previous closing price of Rs. 3,170. It touched the intra-day high of Rs. 3,238 till the trading. (At 12.30 PM today).
13/02/2015 12:46
Crude oil prices rose by 2.05 per cent on Friday at the domestic markets with industry spending cuts and a weaker dollar boosting buying. The CEO of Shell said Thursday that supply might not be able to keep up with growing demand after oil companies around the world slashed budgets following the near halving in prices since June. Further, a weak dollar raised the appeal of the commodity as an alternative asset. Weaker dollar makes the fuel cheaper for those holding other currencies, thus increasing demand. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 3,235 per barrel, up by 2.05 per cent, after opening at Rs. 3,175 against the previous closing price of Rs. 3,170. It touched the intra-day high of Rs. 3,238 till the trading. (At 12.30 PM today).
