Oil surges on Kuwait comments, Libya fears
18/02/2015 12:02
Crude oil futures rose in the domestic market on Wednesday after Kuwait expressed confidence over a recovery in the global oil market after the country’s Oil Minister stressed that the global crude oil surplus is smaller than a previously estimated 1.8 million barrels per day. Further, heightened concerns that bombing in Libya, the biggest holder of oil reserves in Africa, may curb production as workers lives is put at risk, signaled tighter crude supplies. Egypt bombed Islamic State targets in Libya on Monday and is planning to go to the United Nations Security Council for authorizing intervention in the North African nation. At the MCX, Crude oil futures, for the February 2015 contract, is trading at Rs 3,315 per barrel, up by 2.09 per cent, after opening at Rs 3,276, against the previous close price of Rs 3,247. It touched an intraday high of Rs 3,323 till the closing. (At 11:42 AM).
18/02/2015 12:02
Crude oil futures rose in the domestic market on Wednesday after Kuwait expressed confidence over a recovery in the global oil market after the country’s Oil Minister stressed that the global crude oil surplus is smaller than a previously estimated 1.8 million barrels per day. Further, heightened concerns that bombing in Libya, the biggest holder of oil reserves in Africa, may curb production as workers lives is put at risk, signaled tighter crude supplies. Egypt bombed Islamic State targets in Libya on Monday and is planning to go to the United Nations Security Council for authorizing intervention in the North African nation. At the MCX, Crude oil futures, for the February 2015 contract, is trading at Rs 3,315 per barrel, up by 2.09 per cent, after opening at Rs 3,276, against the previous close price of Rs 3,247. It touched an intraday high of Rs 3,323 till the closing. (At 11:42 AM).
