Thursday, 29 August 2013

MCX Crude oil reverses its previous day’s losses; gains on strong global cues

Crude oil prices rose by 1.40 per cent on Today at the domestic markets on supply concerns as the US and UK were ready to take military action against Syria even without UN authorization which in turn may disrupt oil supplies from the Middle East. At the MCX, crude oil futures for September 2013 contract were trading at Rs. 7,450 per barrel, up by 1.40 per cent, after opening at Rs. 7,342 against the previous closing price of Rs. 7,347.Sentiment improved further after Organisation for Economic Co-operation and Development said that Italian Business Confidence rose to a seasonally adjusted 92.9, from 91.8 in the preceding month which further raised the demand outlook for the fuel. However, gains were curbed after US crude oil stockpiles rose 2.99 million barrels to 362 million barrels last week, the Energy Department said indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak.

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