MUMBAI: Crude oil prices surged further on Thursday in the international market on the back of rally in the US stock futures and wide sell off in the US dollar.
NYMEX Crude oil futures soared above $45 a barrel. Right now, the NYMEX Light Sweet oil futures are trading up $2.2 at $ 45.69 per barrel. The positive start in the US equities market may take oil further upwards with the resistance at 46.5 and 48.8 levels.
MCX oil futures had sluggish trades today as the December contract expiry nears, indicating low trading interest in the contract. MCX Crude oil December contract plummeted by nearly 15 percent in the month so far.
However, the international oil futures NYMEX dropped 11.7 percent so far in December as the US dollar slipped by nearly 4 percent against the single currency. Thus, it clears the role of the currencies in the commodities trades.
