Crude oil futures rise 0.28% as demand picks up

Crude oil futures rise 0.28% as demand picks up

23/03/2017 14:02

Crude oil futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after the overnight losses, however, supply concerns kept the gains in check.

The US Energy Information Administration (EIA) data showed that, US crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June.

At the MCX, crude oil futures for April 2017 contract is trading at Rs 3173 per barrel, up by 0.28 per cent, after opening at Rs 3177, against a previous close of Rs 3164. It touched the intra-day high of Rs 3185 (at 13:46 hours).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s