Crude oil gains on strong global cues
19/01/2015 11:36
Crude oil prices rose by 0.56 per cent on Monday at the domestic markets after Ministry of Economy, Trade and Industry said that industrial production fell less than expected to a seasonally adjusted -0.5 per cent, from -0.6 per cent in the preceding month which raised the demand outlook for the fuel. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,038 per barrel, up by 0.56 per cent, after opening at Rs. 3,037 against the previous closing price of Rs. 3,021. It touched the intra-day high of Rs. 3,051 till the trading. (At 11.45 AM today). Further, The IEA cut its non-OPEC supply growth forecast by 350,000 barrels per day, the first reduction since the 2015 forecast was introduced in July. The IEA predicted a rise in Non-OPEC supply by 950,000 barrels per day to 57.5 million barrels per day this year.
19/01/2015 11:36
Crude oil prices rose by 0.56 per cent on Monday at the domestic markets after Ministry of Economy, Trade and Industry said that industrial production fell less than expected to a seasonally adjusted -0.5 per cent, from -0.6 per cent in the preceding month which raised the demand outlook for the fuel. At the MCX, crude oil futures for January 2015 contract were trading at Rs. 3,038 per barrel, up by 0.56 per cent, after opening at Rs. 3,037 against the previous closing price of Rs. 3,021. It touched the intra-day high of Rs. 3,051 till the trading. (At 11.45 AM today). Further, The IEA cut its non-OPEC supply growth forecast by 350,000 barrels per day, the first reduction since the 2015 forecast was introduced in July. The IEA predicted a rise in Non-OPEC supply by 950,000 barrels per day to 57.5 million barrels per day this year.
