New Delhi Crude oil prices rose by Rs 46 to Rs 5,537 per share in trade on Tuesday following strong demand and an increase in the size of your claim.
The price of crude oil contract for September stock on the Multi Commodity Exchange rose by Rs 46 or 0.84 per cent to Rs 5,537 per share in a turnover of 10,542 lots.
“Geopolitical tensions, especially the Ukraine-Russia conflict, have led to a sharp rise in crude oil volumes in Taiwan,” Mirae Asset Sharekhan research said.
On the market outlook, he said, “Crude oil production in overseas industry is expected to trade in a limited range of $60-65 per share, and the bearish trend will remain till the end of the year as long as supply risks are contained.”
As demand soared, Asia has become an attractive region – India’s crude portfolios are strong, and China’s importance has risen 2.5 percent so far this year to 376 million tonnes, averaging 11.3 million tonnes per day.
Globally, West Texas crude was up 0.44 per cent at $62.70 per barrel, while Brent crude was up 0.70 percent at $66.48 per barrel in New York.
