Supply fears lift crude oil futures

Posted By: Religare
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Crude oil futures continued the upward journey in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as rising tensions in Iraq, the second largest oil producer in OPEC, threatened to crimp crude supplies from the Middle East.

A pickup in industrial output in China, the world's second biggest crude oil consumer, lifted the demand outlook for the fuel. China's industrial output rose 8.8 per cent in May 2014 from the same month a year ago, up from an annual 8.7 per cent rise in April 2014.

At the MCX, Crude Oil futures, for the June 2014 contract, is trading at Rs 6,373 per barrel, up by 1.32 per cent, after opening at Rs 6,300 against a previous close of Rs 6,290. It touched an intra-day high of Rs 6,375. (At 11:08 AM).

Story first published: Friday, June 13, 2014, 23:00 [IST]
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