On the Multi Commodity Exchange, crude oil delivery for February contracts rose Rs 26, or 0.63 percent, to Rs 4,141 per barrel
Crude oil futures gained 0.78 percent to Rs 4,132 per barrel on January 16 as participants increased their long position after US President Donald Trump and Chinese Vice Premier Liu He signed ‘Phase One’ of the trade deal. The breather comes after an 18-month long trade war between the world two largest economies.
In crucial data, US oil inventory for the week-ended January 10 fell by 2.55 million, compared with analyst expectation of a drop of 474,000 barrels, according to the US Energy Information Administration data.
The Organisation of the Petroleum Exporting Countries (OPEC) in its monthly oil market report raised 2020 global economic growth to 3.1 percent from 3 percent.
In the futures market, crude touched an intraday high of Rs 4,138 and an intraday low of Rs 4,110 on the MCX. In the January series, it has touched a low of Rs 3,825 and a high of Rs 4,670.
The value of the January contract traded so far is Rs 2,397.34 crore and February contract is Rs 206.84 crore.
Motilal Oswal expects crude to find support at Rs 4,050 levels.At the time of publishing, West Texas Intermediate crude was marginally up 0.36 percent to $58.02 per barrel, while Brent crude, the international benchmark, gained 0.52 per cent to $64.33 per barrel.
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