Crude oil futures were little changed during afternoon trade in the domestic market on Monday as investors and speculators bet the market may have bottomed after recent falls.
Even as physical markets remain bloated, especially from a relentless rise in US drilling.
Oil price rises came on the back of speculative traders upping their investment into crude futures, by taking on large volumes of long positions.
At the MCX, crude oil futures for June 2017 contract is trading at Rs 2961 per barrel, up by 0.07 per cent, after opening at Rs 2972, against a previous close of Rs 2959.
It touched the intra-day high of Rs 2972.
No comments:
Post a Comment