On a weekly basis, Nymex crude oil prices increased by more than 1 percent, taking cues from Federal Reserve’s decision not to changed the interest rates until 2014 which led weakness in the US Dollar Index (DX).
Also supply concerns from Iran which is expected to block Strait of Hormuz if further sanctions are imposed also acted as a further supportive factor for oil prices. Crude oil touched a high of $101.39/bbl during the week and closed at 99.56/bbl on Friday.
On the MCX, prices declined by 1.2 percent on account of Rupee appreciation and closed at Rs.4945/bbl on Friday after touching a low of Rs.4922/bbl last week.
Natural Gas
Nymex natural gas prices increased tremendously by more than 14 percent last week, on the back of sharp decline in US inventories.
Additionally, a weaker dollar also supported upside in natural gas prices. Gas prices touched a high of $2.803/mmBtu during the week and closed at $2.678/mmBtu on Friday.
On the MCX, prices increased around 15 percent and closed at Rs.134.9/mmBtu on Friday after touching a high of Rs.137.3/mmBtu during the week.
Courtesy: Angel Commodities
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