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Crude oil futures were trading tad higher in the domestic market on Tuesday as a rebound in consumer spending in the US and a surge in pending home sales last month raised optimism over fuel demand in the world’s biggest oil consumer.
US consumer spending climbed 0.1 per cent in February from January, when it fell 0.2 per cent, while the gauge measuring pending home sales climbed 3.1 per cent to the highest level since June 2013 at 106.9 in February 2015.
However, worries that a potential Iran nuclear deal may ease sanctions on the oil-rich Islamic nation, flooding markets with more crude trimmed gains in the fuel.
At the MCX, Crude oil futures, for the April 2015 contract, is trading at Rs 3,019 per barrel, up by 0.07 per cent, after opening at Rs 3,025, against the previous close price of Rs 3,017. It touched an intraday high of Rs 3,033. (At 12:22 PM).
