Crude oil prices rose by 0.20 per cent on Tuesday as consumer prices rose less than expected in China and raised speculation that the government would do more to trigger the economy. In China, consumer prices for October rose 1.3 per cent year-on-year, below the 1.5 per cent gain expected, while producer prices eased 5.9 per cent, less than the 5.9 per cent fall seen. At the MCX, crude oil futures for November 2015 contract were trading at Rs. 2,936 per barrel, up by 0.20 per cent, after opening at Rs. 2,939 against the previous closing price of Rs. 2,930. It touched the intra-day high of Rs. 2,944 till the trading.
Later on Tuesday, the American Petroleum Institute will releases its survey of crude and refined out put stockpiles last week, followed on Wednesday by more closely watched figures from the US Department of Energy.
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