Crude oil up Rs 23 a barrel for Feb delivery
Crude oil for February delivery was up Rs 23 a barrel from Saturday’s close on the MCX at Rs 2,393 at 8.30 pm. Nymex light sweet crude for February delivery was up 75 cents at $52.75 a barrel.
By TNN |
MUMBAI: Crude oil for February delivery was up Rs 23 a barrel from Saturday���s close on the MCX at Rs 2,393 at 8.30 pm. Nymex light sweet crude for February delivery was up 75 cents at $52.75 a barrel.
According to analysts, the main reason for the rise was prediction of colder weather in the US which would raise demand for heating oil. Said Chirag Sheth, analyst at STCI Commodities, ���In the past two days chilled weather in the US has caused a relief rally. However, the market is capped at $55 as the US is quite well stocked. I see a rangebound trade between $50 and $55 this week, with a key support level of $49 at which level bulls willl enter.���
According to Mape Admisi Commodities, temperatures in the US Northeast were expected to average below normal for the next 6-10 days, while weather in most European cities will also drop this week, according to private weather forecaster DTN Meteorlogix.
OPEC will not hold any emergency meeting, as key OPEC member Saudi Arabia is against such a move, according to Algeria���s Energy Minister, said the energy report.
OPEC���s 10 members responsible for curbing OPEC supply, pumped 26.785 million bpd in December, only 111,000 bpd less than November, according to an OPEC report. OPEC���s growth this year is expected to grow by 1.26 million bpd, compared with 1.33 million bpd forecast last month.
According to analysts, the main reason for the rise was prediction of colder weather in the US which would raise demand for heating oil. Said Chirag Sheth, analyst at STCI Commodities, ���In the past two days chilled weather in the US has caused a relief rally. However, the market is capped at $55 as the US is quite well stocked. I see a rangebound trade between $50 and $55 this week, with a key support level of $49 at which level bulls willl enter.���
According to Mape Admisi Commodities, temperatures in the US Northeast were expected to average below normal for the next 6-10 days, while weather in most European cities will also drop this week, according to private weather forecaster DTN Meteorlogix.
OPEC will not hold any emergency meeting, as key OPEC member Saudi Arabia is against such a move, according to Algeria���s Energy Minister, said the energy report.
OPEC���s 10 members responsible for curbing OPEC supply, pumped 26.785 million bpd in December, only 111,000 bpd less than November, according to an OPEC report. OPEC���s growth this year is expected to grow by 1.26 million bpd, compared with 1.33 million bpd forecast last month.
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