Nymex Crude Oil Prices Above $54 Ready for Massive Short-Covering Near $57 – Neal Bhai Reports
Crude oil futures rose 1.15 per cent to Rs 3,775 per barrel Wednesday after participants widened their bets, tracking a firm domestic trend.
On the Multi Commodity Exchange, crude oil contracts for June delivery traded higher by Rs 43, or 1.15 per cent, at Rs 3,775 per barrel with a business turnover of 15,174 lots.
Marketmen attributed the rise in crude oil futures to raising of bets by traders in tandem with firm overseas sentiments.
Globally, West Texas Intermediate crude was up 0.20 per cent to USD 54.01 per barrel, while Brent crude, the international benchmark, traded 0.19 per cent higher at USD 62.26 per barrel on the New York Mercantile Exchange.
