Floor and electronic trading on the Nymex was closed yesterday in observance of the Christmas holiday.
On the MCX crude oil prices declined by 0.2 percent in yesterday’s trading session on the back of Rupee appreciation. Prices touched an intraday low of Rs.5269/bbl and closed at Rs.5289/bbl on Monday.
Iran started 10 days of naval exercises in the Strait of Hormuz on 24th December, raising concern over the possibilities of closure of the world's most strategic oil transit channel in the event of any outbreak of military conflict between Tehran and the West.
Syrian’s Oil Minister Sufian Alao also stated that the country's oil production have declined by around 30 to 35 percent as a result of sanctions imposed on Syria over its nine-month crackdown on antigovernment protests. This will lead to supply concerns which will help rise in crude oil prices.
Natural Gas
On the MCX, natural gas prices declined around 0.9 percent on Monday on account of appreciation in the Indian Rupee. Prices touched an intra-day low of Rs.164.6/mmBtu and closed at the level of Rs,164.8/mmBtu yesterday.
Courtesy:Angel Commodities
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