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Crude oil futures rose during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity on weak US dollar and rising concerns that new US sanctions against Iran could be extended to affect crude supplies.
However, rising signs of growing US production and worries over slow import demand in China, restricted further rise in crude prices.
At the MCX, crude oil futures for February 2017 contract is trading at Rs 3627 per barrel, up by 0.36 per cent, after opening at Rs 3635, against a previous close of Rs 3614. It touched the intra-day high of Rs 3640 (at 13:48 hours).
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Crude oil futures rose during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the energy commodity on weak US dollar and rising concerns that new US sanctions against Iran could be extended to affect crude supplies.
However, rising signs of growing US production and worries over slow import demand in China, restricted further rise in crude prices.
At the MCX, crude oil futures for February 2017 contract is trading at Rs 3627 per barrel, up by 0.36 per cent, after opening at Rs 3635, against a previous close of Rs 3614. It touched the intra-day high of Rs 3640 (at 13:48 hours).
