Bullish ride continues for Oil
26/03/2015 11:20
Crude oil futures surged in the domestic and overseas market on Thursday as investors and speculators booked fresh positions in the energy commodity as a smaller than expected gain in US crude oil production last week tempered fears over a widening global supply surplus. A weaker dollar also boosted the demand for the fuel as an alternative asset. Weaker greenback makes oil less expensive for those holding other currencies, thus bolstering demand. At the MCX, Crude oil futures, for the April 2015 contract, is trading at Rs 3,225 per barrel, up by 4.23 per cent, after opening at Rs 3,114, against the previous close price of Rs 3,094. It touched an intraday high of Rs 3,232. (At 10:43 AM).
26/03/2015 11:20
Crude oil futures surged in the domestic and overseas market on Thursday as investors and speculators booked fresh positions in the energy commodity as a smaller than expected gain in US crude oil production last week tempered fears over a widening global supply surplus. A weaker dollar also boosted the demand for the fuel as an alternative asset. Weaker greenback makes oil less expensive for those holding other currencies, thus bolstering demand. At the MCX, Crude oil futures, for the April 2015 contract, is trading at Rs 3,225 per barrel, up by 4.23 per cent, after opening at Rs 3,114, against the previous close price of Rs 3,094. It touched an intraday high of Rs 3,232. (At 10:43 AM).
