Nymex crude oil prices gained 7 percent on a weekly basis, marking the highest weekly gain since the month of February. Oil prices increased in the last week, taking cues from revival in global market sentiments as concerns over the European debt crisis eased. This coupled with dollar weakness supported an upside in prices. On the MCX, crude oil prices gained 3.8 percent on a weekly basis and closed at Rs.4535/bbl after touching an intra-day high of Rs.4689/bbl during the week.
Crude oil demand in the US down by 1.9 percent in August US crude oil demand declined by 1.9 percent to 19.153 million bpd in August, according to the data from the U.S. Energy Information Administration (EIA). Demand was weaker than previously projected as economic woes affected consumption of the fuel. Oil demand for the month fell 2.59 percent from a year ago.
Natural Gas:
Nymex natural gas increased by more than 7 percent last week on the back of expectations that an early winter will improve heating demand in cooler continents. During the week, prices touched a high of 3.947/mmbtu and closed at 3.93/mmbtu. On the MCX, prices gained by more than 5 percent and closed at Rs.190.5/mmbtu during the week.
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Crude Edges Higher on Weak Dollar Index
Published 10/31/2011, 08:59 AM
Updated 05/14/2017, 06:45 AM
Crude Edges Higher on Weak Dollar Index
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