Crude oil prices extended gains, rising by 0.64 per cent on Thursday at the domestic markets after crude oil stockpiles fell 219,000 barrels to 360 million barrels last week, the US Energy Information Administration (EIA) said indicating that the demand for the commodity in US, world’s biggest crude oil consuming nation is strong. At the MCX, crude oil futures for September 2013 contract were trading at Rs. 6,909 per barrel, up by 0.64 per cent, after opening at Rs. 6,845 against the previous closing price of Rs. 6,865. It touched the intra-day high of Rs. 6,939 till the trading. (At 3.32 PM today).
Sentiment improved further after Deutsche Bank raised China’s Q3 2013 economic growth estimate to 7.9 per cent from 7.7 per cent estimated earlier which further raised the demand outlook for the commodity in the world’s second largest nation
No comments:
Post a Comment