Crude Oil ends higher as fighting escalates in Yemen
15/04/2015 09:59
Crude oil futures ended higher in the domestic market on Tuesday in the midst of continuing unrest in Yemen and mixed long-term forecasts on demand and production. Crude futures received a boost as fighting escalated between Iranian-backed, Shiite-led Houthi rebels and Sunni-led Saudi Arabian troops. Prices remained relatively unchanged after the Energy Information Administration (EIA) released its annual energy outlook for 2015 on Tuesday. The EIA estimates that brent will average $56 a barrel for the remainder of the year before increasing to $76 a barrel in 2018. Oil may extend gains today as energy traders await the release of the EIA weekly storage report on Wednesday. At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,342 per barrel, up by 2.11 per cent, after opening at Rs 3,276, against the previous close price of Rs 3,273. It touched an intraday high of Rs 3,354 till the closing.
15/04/2015 09:59
Crude oil futures ended higher in the domestic market on Tuesday in the midst of continuing unrest in Yemen and mixed long-term forecasts on demand and production. Crude futures received a boost as fighting escalated between Iranian-backed, Shiite-led Houthi rebels and Sunni-led Saudi Arabian troops. Prices remained relatively unchanged after the Energy Information Administration (EIA) released its annual energy outlook for 2015 on Tuesday. The EIA estimates that brent will average $56 a barrel for the remainder of the year before increasing to $76 a barrel in 2018. Oil may extend gains today as energy traders await the release of the EIA weekly storage report on Wednesday. At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 3,342 per barrel, up by 2.11 per cent, after opening at Rs 3,276, against the previous close price of Rs 3,273. It touched an intraday high of Rs 3,354 till the closing.
