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Last Updated : Feb 03, 2020 03:50 PM IST | Source: Moneycontrol.com

Crude oil futures up 0.41% in afternoon trade

On the Multi Commodity Exchange, crude oil contracts for delivery in March rose Rs 12, or 0.32 percent, to Rs 3,714 per barrel with a business turnover of 2,900 lots.


Crude oil futures gained 0.41 percent to Rs 3,692 per barrel on February 3 as participants increased their long position as seen by the open interest.

Oil prices declined for whole week plagued by demand fears due to spread of Coronavirus in China as the coronavirus is now a pandemic, according to WHO and as US has issued a Level 4, 'do not travel warning' for China.

Prices had their worst monthly loss in more than a year on February 3 as top buyer China remained virtually crippled by the coronavirus crisis. Attempts by OPEC and its allies to expedite a meeting to prop the market also barely helped.

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In the futures market, crude oil touched an intraday high of Rs 3,720 and an intraday low of Rs 3,682 per barrel on MCX. For the February series, the crude touched a low of Rs 3,662 and a high of Rs 4,663.

On the Multi Commodity Exchange, crude oil contracts for delivery in March rose Rs 12, or 0.32 percent, to Rs 3,714 per barrel with a business turnover of 2,900 lots.

The prices of crude contracts for delivery in February gained Rs 15, or 0.41 to Rs 3,692 per barrel with a business volume of 36,606 lots.

The value of the February contract traded so far is Rs 4,902.11 crore and March contract saw value of Rs 140.74 crore.

MCX Crude oil has immediate support at Rs 3,670-3,640 whereas resistance is at Rs 3,730-3,750, according to Motilal Oswal. The broking firm advised its client to sell on rise targeting support at Rs 3,670-3,640 zone.

West Texas Intermediate crude slipped 0.08 percent to $51.52 per barrel, while Brent crude, the international benchmark was up 0.74 percent to $56.20 per barrel.

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First Published on Feb 3, 2020 03:50 pm
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