MY: Crude oil futures edge up on higher demand hopes
Crude oil futures edged higher on MCX as investors and speculators booked fresh positions in the energy commodity amid hopes that a revival of global manufacturing activity may bolster demand for the fuel. Though, worries over a supply glut continue as the OPEC pumps oil at the fastest pace in two and a half years, capping some gains.
The contract for June delivery was trading at Rs 3881.00, up by 1.33% or Rs 51.00 from its previous closing of Rs 3830.00. The open interest of the contract stood at 14686 lots.
The contract for July delivery was trading at Rs 3927.00, up by 1.39% or Rs 54.00 from its previous closing of Rs 3873.00. The open interest of the contract stood at 1189 lots on MCX.
