In the futures market, crude oil for April delivery touched an intraday high of Rs 2,056 and an intraday low of Rs 1,969 per barrel on MCX.
Crude oil futures rose to Rs 2,012 per barrel on April 9 as participants increased their long positions. Oil prices climbed on optimism that world top crude producers would agree for an output cut at a meeting later on
April 9.
The US Energy Information Administration (EIA) reported that US crude stock jumped by 15.2 million barrels, the biggest ever one-week gain.
Oil demand in the world’s third-biggest consumer has collapsed by as much as 70 percent in India due to the lockdown. The country is diverting 19 mbpd barrels of Gulf oil from state-run firms to strategic petroleum reserves (SPR’s) get rid of extra oil as their storage is full.
In the futures market, crude oil for April delivery touched an intraday high and low of Rs 2,056 and Rs 1,969 per barrel on the MCX. So far in the current series, black gold has touched a low of Rs 1,550 and a high of Rs 4,186.
Crude oil delivery for April gained Rs 118, or 6.23 percent, to Rs 2,012 per barrel at 14:35 hours IST. The same for May delivery was up Rs 120, or 5.28 percent, to Rs 2,393 per barrel.
The value of April and May contracts traded so far is Rs 2,308.48 crore and Rs 103.61 crore, respectively.
MCX crude oil faces resistance at Rs 2,060-2,110 whereas support is placed at Rs 1,940-1,895, Motilal Oswal said in a recent report.
West Texas Intermediate crude gained 4.62 percent to $26.25 per barrel, while Brent crude, the international benchmark, was up 3.62 percent to $34.03 per barrel.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
