Crude oil futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity amid hopes that a pickup in the world’s biggest economy, the US, may bolster the demand for the fuel. The International Monetary Fund (IMF) said that the US economic growth is likely to accelerate in the coming months while Asian economies may avoid a hard landing. However, easing supply concerns over the fuel amid a resumption of Libyan exports and tempering fears of a disruption to Iraqi oil shipments as the country’s oil-rich region remains safe from violence curbed gains in the fuel.
At the MCX, Crude Oil futures, for the July 2014 contract, is trading at Rs 6,235 per barrel, up by 0.21 per cent, after opening at Rs 6,235, against a previous close of Rs 6,222. It touched an intra-day high of Rs 6,248.
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