Crude oil futures consolidated an overnight rally in early trade on Tuesday as reports of more attacks by militants on Nigeria’s oil operations which have pushed the country’s output to the lowest level in 27 years and shut the majority of the country’s 23 gas-powered generators raised supply concerns.
However, the gains in crude were tempered by uncertainty over US interest rate outlook with Fed Chair Janet Yellen signaling that she still favours gradual rate tightening even though she stopped short of providing the precise timing for raising interest rates further.
At the MCX, Crude oil futures for June 2016 contract were trading at Rs. 3,321 per barrel, up by 0.48 per cent, after opening at Rs. 3,312, against the previous closing price of Rs. 3305. It touched the intra-day high of Rs. 3323.
However, the gains in crude were tempered by uncertainty over US interest rate outlook with Fed Chair Janet Yellen signaling that she still favours gradual rate tightening even though she stopped short of providing the precise timing for raising interest rates further.
At the MCX, Crude oil futures for June 2016 contract were trading at Rs. 3,321 per barrel, up by 0.48 per cent, after opening at Rs. 3,312, against the previous closing price of Rs. 3305. It touched the intra-day high of Rs. 3323.
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