Crude oil prices climb above Rs 6,100 per barrel on strong demand, supply woes

crude, oil, percent, prices, barrel,
Gulf
  • Date: 14-Oct-2021
  • Source: Money Control
  • Sector: Oil & Gas
  • Country: Gulf
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Crude oil prices climb above Rs 6,100 per barrel on strong demand, supply woes

Representative image Crude oil prices crossed Rs 6,100 a barrel, reversing two days of fall on rising demand, revival in economic activity, tight supplies and firm equity market. Crude prices were supported by a decline in the dollar, while higher coal and natural gas prices may result in fuel switching, which will boost demand.  The energy commodity traded in the green in the evening session after a positive start, tracking a bullish global trend. On the MCX, crude oil delivery for October increased Rs 61, or 1.01 percent, to Rs 6,123 at 1614 hours, with a business turnover of 5,6942 lots. The delivery for November rose Rs 60, or 0.99 percent, to Rs 6,094 with a business volume of 3,063 lots. The value of October and November contracts traded so far is Rs 490.34 crore and Rs 249.94 crore, respectively. West Texas Intermediate (WTI) crude jumped 1.22 percent to $81.42 per barrel, while Brent crude, the London-based international benchmark, soared 1.29 percent to $84.25 per barrel. Sriram Iyer, Senior Research Analyst at Reliance Securities said: “Crude oil prices pared previous losses on larger-than-expected inventory draw. The US API said US crude stockpiles rose by 5.2 million barrels for the week ended Oct.…

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