Crude oil futures rose to Rs 1,327 per barrel on April 30 as participants increased their long position as seen by open interest. The price jumped as gain in US crude stockpiles saw a surprise decrease amid hopes of early recovery in US fuel demand.
The US Energy Information Administration (EIA) reported that US crude inventories rose 9 million barrels to 527.6 million barrels for the week ended April 24.
Crude oil prices rallied for the second day on a trot, with NYMEX WTI Crude gaining nearly 13 percent to $17 .
Crude oil prices continued the upside after US weekly crude inventories rose by 9 million barrels against expectations of 10.6 million barrels.
The expectations of demand recovery in oil refined products from China and ease of supply glut in US supported oil prices , said Tapan Patel- Senior Analyst (Commodities), HDFC Securities.
On MCX, crude oil for May delivery touched an intraday high of Rs 1,352 and an intraday low of Rs 1,230 per barrel . So far in the current series, oil has touched a low of Rs 796 and a high of Rs 3,905.
Crude oil delivery for May gained 142, or 12 percent, to Rs 1,325 per barrel at 1455 IST with a business turnover of 12,744 lots.
Crude oil delivery for June jumped Rs 128, or 8.4 percent, to Rs 1,651 per barrel with a business volume of 1,415 lots.
The value of May and June contracts traded so far is Rs 898.35 crore and Rs 65.33 crore, respectively.
"We expect oil prices to trade higher in short term, with resistance at $20. MCX Crude oil May futures have support at Rs 1100 with resistance at Rs. 1500, said Patel.
WTI crude gained 15.01 percent at $17.32 per barrel, while Brent crude, the London-based international benchmark, gained 7.72 percent to $26.10 per barrel.For All Commodities Related News - Click Here