Crude oil prices rose by 0.07 per cent on Tuesday as the dollar slipped to an 18-month low against the yen, potentially spurring fuel demand. Higher oil came on the back of a slumping dollar, which makes purchases of dollar-traded fuel cheaper for countries using other currencies, potentially spurring demand, as well as strong investor interest in oil.
At the MCX, crude oil futures for May 2016 contract were trading at Rs. 2,989 per barrel, up by 0.07 per cent, after opening at Rs. 2,999 against the previous closing price of Rs. 2,987. It touched the intra-day low of Rs. 3,002 till the trading.
However, traders said the gains were capped by rising output in the Middle East as well as fears over China's economic health after factory activity shrank for a 14th straight month in April. Iraq, the second biggest exporter within the Organization of the Petroleum Exporting Countries (OPEC), was the latest OPEC-member to announce its exports were rising, reporting oil shipments from southern fields at an average rate of 3.364 million barrels per day (bpd) in April.
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