Crude oil rose 1.26 per cent to Rs 2,415 per barrel at the futures market today as speculators created fresh bets, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in January next year recovered by Rs 30 or 1.26 per cent to Rs 2,415 per barrel in a business turnover of 337 lots.
Likewise, the oil for delivery in far-month February traded higher by Rs 23 or 0.93 per cent to Rs 2,500 per barrel in 14,785 lots.
Analysts said speculators built fresh positions after oil prices rebounded in Asia today, with Brent bouncing from an 11-year low, as investors await a closely watched US crude inventory report. This mainly led to rise in crude oil prices at the futures trade.
Meanwhile, West Texas Intermediate crude for February delivery, a new contract, was trading 29 cents higher at $36.10, while Brent crude for February delivery was at $36.56, up 21 cents form its closing level of USD 36.35 yesterday, which was the lowest since July 2004.
Brent had slumped yesterday on speculation suppliers from West Asia to the United States will continue pumping, exacerbating the surplus as they fight for market share.
No comments:
Post a Comment