The crude for delivery in March contracts gained Rs 44, or 1.22 to Rs 3,652 per barrel with a business volume of 4,464 lots.
Crude oil futures gained 1.23 percent to Rs 3,624 per barrel on February 12 as participants increased their long position as seen by the open interest. Oil prices gained after a medical adviser in China stated that the rise of new coronavirus cases has reduced, and would be under control by April.
The American Petroleum Insitute (API) reported that US crude inventories rose 6 million barrels for the week that ended on February 7 against analysts’ expectation for 3 million barrels to 438.9 million barrels as polled by Reuters.
In the futures market, crude oil touched an intraday high of Rs 3,632 and an intraday low of Rs 3,580 per barrel on the MCX. For the February series, crude prices touched a low of Rs 3,531, and a high of Rs 4,663.
On the Multi Commodity Exchange, crude oil delivery for February contracts rose Rs 45, or 1.26 percent, to Rs 3,625 per barrel with a business turnover of 34,417 lots.
The crude for delivery in March contracts gained Rs 44, or 1.22 to Rs 3,652 per barrel with a business volume of 4,464 lots.
The value of the February contracts traded so far is Rs 3,309.08 crore, and those of March contracts saw a value of Rs 109.55 crore.
MCX crude oil has immediate support at Rs 3,570-3,530 whereas resistance is at Rs 3,640-3,680, according to Motilal Oswal.
West Texas Intermediate crude rose 1.46 percent to $50.67 per barrel, while Brent crude, the international benchmark, was up 1.87 percent to $55.05 per barrel.Exclusive offer: Use code "BUDGET2020" and get Moneycontrol Pro's Subscription for as little as Rs 333/- for the first year.
