Crude oil - Crude oil prices rose by 1.78 per cent on Tuesday after industrial production in China came in a tad weaker than expected, though full-year GDP met its forecast. In China, fourth quarter GDP rose 1.6 per cent quarter-on-quarter, a tad lower than the 1.7 per cent gain seen, while year-on-year GDP came in at the expected 6.8 per cent rate. At the MCX, crude oil futures for January 2016 contract were trading at Rs. 1,997 per barrel, up by 1.78 per cent, after opening at Rs. 1,983 against the previous closing price of Rs. 1,962. It touched the intra-day high of Rs. 2,001 till the trading.
Prices also rose as international sanctions against Iran’s nuclear program were lifted over the weekend, opening the door to a wave of new oil and adding to concerns that a global glut will linger. Trading was thin on January 18, 2016 because of the Martin Luther King Jr. holiday in the US
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