Crude futures remains up on MCX counter
Continuing its upward trend, crude oil prices on futures market today rose 0.39 per cent in the early trade following firming global markets.
By PTI |
NEW DELHI: Continuing its upward trend, crude oil prices on futures market today rose 0.39 per cent in the early trade following firming global markets.
At 1045 hrs, June contract was trading higher by 0.39 per cent at Rs 5,700 per barrel on Multi Commodity Exchange (MCX) while July contract moved up 0.33 per cent at Rs 5,693 per barrel.
Disrupted supply of crude oil in global markets following a militant attack on a major pipeline in Nigeria and speculation subsidies on fuel in Asian countries would spur demand, influenced the prices in the domestic futures market here.
"Geo-political tension and weakening dollar are pushing crude prices higher," oil experts said.
Crude oil for July delivery rose as much as 1.27 US dollars a barrel, or 1 per cent, to 133.46 dollars a barrel on the New York Mercantile Exchange from the May 23 close. Floor trading was closed yesterday for the Memorial Day holiday and electronic transactions were booked today for settlement.
Brent crude oil for July contract gained for the third straight day by rising 71 cents to 133.08 dollars a barrel, on London's ICE Futures Europe exchange.
At 1045 hrs, June contract was trading higher by 0.39 per cent at Rs 5,700 per barrel on Multi Commodity Exchange (MCX) while July contract moved up 0.33 per cent at Rs 5,693 per barrel.
Disrupted supply of crude oil in global markets following a militant attack on a major pipeline in Nigeria and speculation subsidies on fuel in Asian countries would spur demand, influenced the prices in the domestic futures market here.
"Geo-political tension and weakening dollar are pushing crude prices higher," oil experts said.
Crude oil for July delivery rose as much as 1.27 US dollars a barrel, or 1 per cent, to 133.46 dollars a barrel on the New York Mercantile Exchange from the May 23 close. Floor trading was closed yesterday for the Memorial Day holiday and electronic transactions were booked today for settlement.
Brent crude oil for July contract gained for the third straight day by rising 71 cents to 133.08 dollars a barrel, on London's ICE Futures Europe exchange.
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