Crude oil rises on positive global cues

Published: Tuesday, September 20, 2011, 16:39 [IST]

Crude futures rose on MCX today over the optimism seen among the investors ahead of Federal Reserve's two-day meeting starting later in a day.

Many of the investors are expecting Fed to come up with significant easing in its monetary policy which could aid the health of the economy. So, investors will be closely watching the main event to take an appropriate positions.

Strong economic data from US will boost up the demand for crude in US economy, so the prices are moving up in anticipation.

Europe also supported the price of crude after Greece fully paid two bond coupons summing to 769 million euros, which was due on Tuesday without being default on its debt.

At the Multi Commodity Exchange, crude for delivery in September opened at Rs 4,130 per bbl and touched an intraday high of Rs 4,187 per bbl. It was trading between Rs 4,180 – Rs 4,182 per bbl around 4:30 pm IST.

Similarly, crude for delivery in far-month February opened at Rs 4,275 per bbl and was trading in the range of Rs 4,300 – Rs 4,308 per bbl same time.

Internationally, Brent crude was trading up by $1.75 at $110.89.

The verbatim of the Federal Open Market Committee (FOMC) will be eyed at the global space to decide the movement of crude.

GoodReturns.in

Story first published: Tuesday, September 20, 2011, 16:39 [IST]

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