Thursday, November 10, 2016

Commodity: Crude oil rise on US poll results in market

In the domestic market Crude oil futures closed high on Wednesday as Donald Trump’s election win fueled a risk-on sentiment amid investors that fed a rise in the U.S. stock market.

Prices had suffered losses in earlier trading on the back of a second straight weekly hike in U.S. crude supplies and review that Trump’s win would lead to more production and join to the nation’s glut of oil supplies.

At the MCX, crude oil futures for Nov. 2016 contract closed at Rs 3036 per barrel, upward by 0.90 %, after opening at Rs 3000, against a last close of Rs 3009. It touched the intra-day higher of Rs 3058.