Prices of crude oil on futures market on Monday surged 2.66 per cent in the early trade tracking firm Asian market.
At 1015 hrs, August contract rose 2.66 per cent at Rs 5,756 per barrel on multi commodity exchange (MCX), June contract moved up 1 per cent at Rs 5,676 per barrel while July contract was marginally up by 0.96 per cent to Rs 5,668 per barrel.
Tight supply of crude oil amid the US summer demand put pressure on the prices in the domestic futures market.
Global crude prices are volatile due to weak dollar, speculative funds, reluctance by oil-producers to raise production and geo-political tension, oil experts said.
London's Brent North Sea crude July delivery was trading 33 cents up at 131.90 dollars a barrel. It touched a record over 135 dollars per barrel last week.
Oil Petroleum Exporting Countries (OPEC) secretary general Abdalla Salem el-Badri last week said that weakening dollar and speculators were responsible for surging prices.
At 1015 hrs, August contract rose 2.66 per cent at Rs 5,756 per barrel on multi commodity exchange (MCX), June contract moved up 1 per cent at Rs 5,676 per barrel while July contract was marginally up by 0.96 per cent to Rs 5,668 per barrel.
Tight supply of crude oil amid the US summer demand put pressure on the prices in the domestic futures market.
Global crude prices are volatile due to weak dollar, speculative funds, reluctance by oil-producers to raise production and geo-political tension, oil experts said.
London's Brent North Sea crude July delivery was trading 33 cents up at 131.90 dollars a barrel. It touched a record over 135 dollars per barrel last week.
Oil Petroleum Exporting Countries (OPEC) secretary general Abdalla Salem el-Badri last week said that weakening dollar and speculators were responsible for surging prices.
No comments:
Post a Comment