Crude gains 4.68% after Monday#39;s 22% rout
Crude oil futures rose Rs 2,558 per barrel on March 10 as participants increased their bets tracking overseas cues. Oil prices gained on hopes that major economies may announced stimulus to revive demand impacted by the coronavirus.
The market is likely to take further cue from API data to be released later on March 10.
Oil prices slipped over 22 percent on March 9 after Saudi Arabia and Russia failed to agree on an output cut.
In the futures market, crude oil for March delivery touched an intraday high of Rs 2,575 and a low of Rs 2,530 per barrel on the MCX. So far in the current series, black gold has touched a low of Rs 2,106 and a high of Rs 4,604.
Crude oil delivery for March climbed Rs 115, or 4.68 percent, to Rs 2,573 per barrel at 17:40 hours IST. The same for April gained Rs 110, or 4.37 percent, to Rs 2,630 per barrel.
The value of March and April contracts traded so far is Rs 834.74 crore and Rs 35.11 crore, respectively.
West Texas Intermediate crude jumped 9.19 percent to $ 33.99 per barrel, while Brent crude, the international benchmark, was up 9.28 percent to $ 37.58 per barrel at 17:40 hours.
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