Crude oil gains as traders focus on China, India, demand outlook
05/03/2015 12:04
Crude oil prices rose by 2.28 per cent on Thursday at the domestic markets as traders focused on signs of demand globally on moves by importing giants China and India to cut interest rates in the past week. However, gains were limited after US data indicated that oil supplies nationwide reached the highest level ever, aggravating concerns that an even steeper drop could be imminent. The US Energy Information Administration (EIA) said in its weekly report that crude oil inventories rose by 10.3 million barrels for the week that ended Feb. 26, marking the largest weekly increase since 2002. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 3,235 per barrel, up by 2.28 per cent, after opening at Rs. 3,189 against the previous closing price of Rs. 3,163. It touched the intra-day high of Rs. 3,245 till the trading. (At 11.45 AM today).
05/03/2015 12:04
Crude oil prices rose by 2.28 per cent on Thursday at the domestic markets as traders focused on signs of demand globally on moves by importing giants China and India to cut interest rates in the past week. However, gains were limited after US data indicated that oil supplies nationwide reached the highest level ever, aggravating concerns that an even steeper drop could be imminent. The US Energy Information Administration (EIA) said in its weekly report that crude oil inventories rose by 10.3 million barrels for the week that ended Feb. 26, marking the largest weekly increase since 2002. At the MCX, crude oil futures for February 2015 contract were trading at Rs. 3,235 per barrel, up by 2.28 per cent, after opening at Rs. 3,189 against the previous closing price of Rs. 3,163. It touched the intra-day high of Rs. 3,245 till the trading. (At 11.45 AM today).
