On a weekly basis, Nymex crude oil prices gained marginally by 0.2 percent taking cues from reversal pipeline news coupled with International Monetary Fund (IMF) revising its growth outlook for current year.
Additionally, a weaker Dollar Index also helped upside in oil prices Crude oil touched a high of $105.07/bbl during the week and closed at $103.05/bbl on Friday.
On the MCX, crude oil prices gained sharply by 2.4 percent on account of a weaker rupee and closed at Rs.5,440/bbl on Friday after touching a high of Rs. 5469/bbl in last week.
News
Iraq the third largest producer of crude oil in Organization of Petroleum Exporting Countries (OPEC) has halted its crude exports from northern fields due to some technical fault.
The nation pumped an average of 2.81 million barrels a day for the month of March and ships most of its oil from the south on tankers sailing from Gulf of Persia.
Natural Gas
Nymex natural gas prices declined more than by 3 percent in the last week on the back of rising US natural gas inventories coupled with mild spring weather.
However, a weaker Dollar Index cushioned further fall in the gas prices. It touched a low of $1.902/mmbtu during the last week and closed at $1.93/mmbtu on Friday. On the MCX, natural gas prices declined by 2.3 percent and closed at Rs.100.7/mmbtu on Friday after touching a low of Rs.99.5/mmbtu in last week.
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Crude Oil Edges Higher On Weak US Dollar: April 23, 2012
Published 04/23/2012, 08:10 AM
Updated 05/14/2017, 06:45 AM
Crude Oil Edges Higher On Weak US Dollar: April 23, 2012
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