Nymex futures rise on chances of colder US

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.

Says 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 will enter.��� 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 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.