On a week-on-week basis, Nymex crude oil prices declined sharply by 1.7 percent, on account of rise in US crude oil inventories last week which created demand concerns for the commodity.
Additionally, dollar strength also exerted further downside pressure on oil prices.
Crude oil touched a low of $95.44/bbl during the week and ended its trading session at the level of $97.84/bbl on Friday. On the MCX, oil prices dropped sharply by more than 4 percent on account of appreciation in the Indian Rupee and closed at Rs.4737/bbl after touching a low of Rs.4710/bbl last week.
Natural Gas
Nymex natural gas prices declined sharply more than 6 percent last week on the back of forecast of warmer climate conditions in North Eastern Hemisphere coupled with a stronger dollar.
However, further downside in prices was cushioned as production was cut by the leading companies and fall in natural gas inventories.
Prices touched a low of $2.355/mmBtu during the week and closed at $2.505/mmBtu on Friday. On the MCX, prices declined around 10 percent on account of Rupee appreciation and closed at Rs.121.80/mmBtu on Friday.
Courtesy: Angel Commodities
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