NEW YORK/MUMBAI (Commodity Online): US Crude oil futures have soared to a nine-month high on improved US economic data and progress in Greek bailout package. Nymex Crude oil for March delivery has climbed 4.6% to $103.24 per barrel while ICE Brent crude touched a high of $120.70 before falling back to $119.58.
Reduction in US jobless claims signals a recovery in the economy, rally in equities and mounting tensions between Iran the West could push crude oil prices higher next week, analysts said. The US Energy Information Administration (EIA) said inventories of crude oil fell by 200,000 barrels in the week ended February 10.
Daily volumes in Brent crude call options above the market price have risen above 25,000 on four days during the past two weeks in New York, signaling an increase in bets on a possible price rally.
Electronic trading volume on the Nymex was 679,422 contracts as of 3:19 p.m. in New York on Friday. Volume totaled 660,975 yesterday. Open interest was 1.48 million contracts.
At India’s Multi-Commodity Exchange of India (MCX), crude oil March contract has gained 3.4% this week to close on Friday at Rs 5143 per barrel tracking global trends, fall in Rupee value. On Saturday morning trade, the contract has further risen to 0.68% to Rs 5178 a barrel.
