CO:MCX Crude oil futures spring back on speculative buying
AHMEDABAD (Commodity Online): MCX Crude oil rose above 4100 mark after US Treasury predicted Europe will intensify efforts to contain its debt problems after reproaching from counterparts around the world.
Crude oil prices rose following an initial rebound in broader markets after Germany's lower house approved new powers for the euro zone's crisis fund and U.S. economic data beat expectations.
MCX Crude Oil September delivery contract fall by 0.32 percent to 4041 rupees per BBL on Friday.
According to EIA, US crude oil imports continued to decline in July compared to earlier year. Crude oil prices recovered on speculative buying in last 3 days from 3850 to 4100 rupees.
Further trend for Crude Oil is looking moderately positive with slowing global output and prospect of declining fuel consumption in global market, informed Amrita Mashar, analyst with Commodity Online.
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