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Feb 6 2007 10:40AM
Crude futures revert on MCX
Mumbai, Feb 06 - MCX crude witnessed a weak opening today reverting from the moderate increase witnessed yesterday. The decline follows a risefor previous two days and has been trading above Rs. 2,600 per barrel. Nymex crude, on the other hand, rebounded in the electronic trade session after the decline witnessed yesterday.On MCX, Feb. contract opened at Rs. 2,606 per barrel, Rs. nine lower than its previous closing price of Rs. 2,615 per barrel. It has been trading at Rs. 2,601 per barrel with a decline of Rs. 14 or 0.5%. MCX crude closed yesterdayat the highest closing price since Jan. 2 after moving as high as Rs. 2,639 per barrel which is the highest intraday price since Jan. 3.On NCDEX, brent crude Feb. contract has been trading at Rs. 2,574 per barrel with a decline of Rs. 17 over its previous closing price of Rs. 2,591 per barrel.Crude futures had observed a moderatedecline yesterday after registering an intraday increase of more than 1% to move as high as $59.95 per barrel, which is the highest intraday price since Jan.3. Nymex crude eased as traders booked profit after the 3% leap witnessed on Friday and as Nigerian oil workers called off their plans for strike against the lack of security to oil workers. Nymex crude however rebounded today to move above $59 per barrel supported by expectations that cold weather may persist in some parts of US increasing the demand for heating fuels.As per US forecasters, temperatures in the Northeast are expected to stay at below the normal average for the next six to 10 days. The National Weather Service expects colder-than-normal temperatures to linger in the northeast and Midwest through Feb. 18In the meantime,reports quoteNigerian oil unions leaders as stating that withdrawal of staff from the Niger Delta remains a possibility unless they receive assurances of safety from President.Crude movements on domestic exchanges as on10.35 hrs IST:-| Exchange | Month | Open (Rs/bbl) | Last (Rs/bbl) | Change over PCP (Rs/bbl) | High (Rs/bbl) | Low (Rs/bbl) | | MCX | Feb. | 2606.00 | 2601.00 | -14.00 | 2606.00 | 3599.00 | | MCX | Mar. | 2650.00 | 2642.00 | -12.00 | 2650.00 | 2640.00 | | NCDEX | Brent Feb. | 2577.00 | 2574.00 | -17.00 | 2581.00 | 2574.00 |
PCP - Previous Closing Price
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