Supply fears lift crude oil futures
20/05/2014 09:33
Crude oil futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as geopolitical concerns amid tensions in Ukraine and Libya threatened to disrupt global crude oil supplies. In Ukraine the government continues to fight pro- Russian separatists as the NATO said that there was no sign of a pullback of Russian troops from Ukraine’s eastern border. The West may mull further sanctions against Russia, the world’s biggest energy exporter if the country tries to disrupt presidential elections in Ukraine this week. In Libya, a deadly attack on the country’s parliament amid rising violence raised concerns over crude supplies from the holder of Africa’s biggest oil reserves. Crude oil futures may rise today amid hopes that US refinery rates rose last week as refineries get ready to meet peak summer fuel demand. At the MCX, Crude Oil futures, for the May 2014 contract closed at Rs 6,009 per barrel, up by 0.42 per cent, after opening at Rs 5,982, against a previous close of Rs 5,984. It touched an intra-day high of Rs 6,022.
20/05/2014 09:33
Crude oil futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as geopolitical concerns amid tensions in Ukraine and Libya threatened to disrupt global crude oil supplies. In Ukraine the government continues to fight pro- Russian separatists as the NATO said that there was no sign of a pullback of Russian troops from Ukraine’s eastern border. The West may mull further sanctions against Russia, the world’s biggest energy exporter if the country tries to disrupt presidential elections in Ukraine this week. In Libya, a deadly attack on the country’s parliament amid rising violence raised concerns over crude supplies from the holder of Africa’s biggest oil reserves. Crude oil futures may rise today amid hopes that US refinery rates rose last week as refineries get ready to meet peak summer fuel demand. At the MCX, Crude Oil futures, for the May 2014 contract closed at Rs 6,009 per barrel, up by 0.42 per cent, after opening at Rs 5,982, against a previous close of Rs 5,984. It touched an intra-day high of Rs 6,022.
