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Crude oil futures rose during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the energy commodity on weakness in the US dollar and production cuts announced by OPEC and other producers.
The dollar weakned amid concerns about the impact of US President Donald Trump's protectionist trade stance. Thus, weakness in the US dollar makes greenback-priced commodities cheaper for those holding other currencies.
However, rise in drilling activity in the US is likely to keep a lid on crude oil prices.
At the MCX, crude oil futures for February 2017 contract is trading at Rs 3633 per barrel, up by 0.47 per cent, after opening at Rs 3621, against a previous close of Rs 3616. It touched the intra-day high of Rs 3640 (at 13:32 hours).
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The dollar weakned amid concerns about the impact of US President Donald Trump's protectionist trade stance. Thus, weakness in the US dollar makes greenback-priced commodities cheaper for those holding other currencies.
However, rise in drilling activity in the US is likely to keep a lid on crude oil prices.
At the MCX, crude oil futures for February 2017 contract is trading at Rs 3633 per barrel, up by 0.47 per cent, after opening at Rs 3621, against a previous close of Rs 3616. It touched the intra-day high of Rs 3640 (at 13:32 hours).
