Rupee depreciation lifts crude oil futures
27/05/2014 09:21
Crude oil futures ended higher in the domestic market on Monday as a sharp depreciation in the Indian rupee against the US dollar more than offset the losses in the energy commodity in the overseas market. A weaker rupee against the greenback exerted upward pressure on domestic crude oil prices. Crude oil futures fell in the overseas market on Monday after Ukraine elected a president over the weekend, easing fears over tensions between the country and Russia, the world’s biggest energy exporter, tempering fears over shortage of global crude supplies. Billionaire Petro Poroshenko was elected as Ukraine’s next president as he looks to stem the unrest in the country. Further, China unveiled plans to slow its pace of energy consumption, dimming the demand outlook for the fuel, given that China is the world’s second biggest energy consumer. Crude oil futures may rise today ahead of key US economic data including consumer confidence which may signal strength in the US economy, lifting the demand outlook for the fuel. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,177 per barrel, up by 0.93 per cent, after opening at Rs 6,117, against a previous close of Rs 6,120. It touched an intra-day high of Rs 6,198.
27/05/2014 09:21
Crude oil futures ended higher in the domestic market on Monday as a sharp depreciation in the Indian rupee against the US dollar more than offset the losses in the energy commodity in the overseas market. A weaker rupee against the greenback exerted upward pressure on domestic crude oil prices. Crude oil futures fell in the overseas market on Monday after Ukraine elected a president over the weekend, easing fears over tensions between the country and Russia, the world’s biggest energy exporter, tempering fears over shortage of global crude supplies. Billionaire Petro Poroshenko was elected as Ukraine’s next president as he looks to stem the unrest in the country. Further, China unveiled plans to slow its pace of energy consumption, dimming the demand outlook for the fuel, given that China is the world’s second biggest energy consumer. Crude oil futures may rise today ahead of key US economic data including consumer confidence which may signal strength in the US economy, lifting the demand outlook for the fuel. At the MCX, Crude Oil futures, for the June 2014 contract, closed at Rs 6,177 per barrel, up by 0.93 per cent, after opening at Rs 6,117, against a previous close of Rs 6,120. It touched an intra-day high of Rs 6,198.
