Crude oil futures rises 3 pc amid volatile global trend
Crude oil surged over three per cent in futures trading on emergence of buying, amid a volatile trend in the overseas markets.business Updated: Jan 16, 2009 15:21 IST
Crude oil surged over three per cent in futures trading on Friday on emergence of buying, amid a volatile trend in the overseas markets.
The crude for February contract spurted by 3.16 per cent to Rs 2,124 per barrel on the Multi Commodity Exchange with a trading volume of 8,623 lots, while March contract rose 2.83 per cent to Rs 2,361 per barrel in 355 lots.
April month contract gained 2.07 per cent to Rs 2,512 per barrel, clocking a business volume of 10 lots.
Buying activity picked up after reports that the world oil prices revealed a mixed trend amid concerns over weak energy demand from countries hit by the global economic downturn, analysts said.
A volatile trade as the oil moved between 33 and 37 dollar a barrel in the overseas markets influenced trading in domestic market in New Delhi.