Thursday, 29 August 2013

Syria fears bolster MCX Crude oil futures

Crude oil futures surged in the domestic market on Thursday amid rising speculation of a Western military strike in Syria, raising concerns over disruption in oil supplies from the Middle East. Speculation of an imminent attack by the US along with other Western allies on Syria boosted oil prices. The US and UK, which are working to define the objectives of a military strike on Syria, said that they were ready to take military action against the country even without UN authorization. Investors are also eying the US Q2 GDP figures and jobless claims data later today which may signal upbeat health of the world’s biggest economy, lifting the demand outlook for the fuel. At the MCX, Crude Oil futures, for the September 2013 contract, is trading at Rs 7,424 per barrel, up by 1.05 per cent, after opening at Rs 7,342, against a previous close of Rs 7,347. 

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