Crude Oil
WTI oil prices rose by 8.8 percent on Monday to close at $47.69 per barrel. Prices rose for a third consecutive day, as a downward revision of U.S. crude production data and OPEC's readiness to talk with other producers helped extend the biggest three-day price surge in 25 years.
U.S. crude oil prices have skyrocketed more than $10 a barrel in three days, erasing the month's declines as a series of relatively small-scale supply disruptions and output risks prompted bearish traders to take profits on short positions, which had been near a record a week ago.
On the MCX, oil prices rose by 7.5 percent to close at Rs.3230 per barrel.
NYMEX natural gas
Natural gas prices declined by 1.05 percent on Monday to close at $2.75 per MMBtu while MCX gas prices declined by 1.27 percent to close at Rs.178.70 per MMBtu. Rising inventories and warm temperatures are the prime reasons for the falling natural gas prices.
Outlook
The positive momentum in Crude prices is purely on account of less production estimates from the US along with the OPECs readiness to talk with other producers to curtail its output. However, profit booking at higher levels will exert downside pressure on oil prices.
ON the MCX, oil prices are expected to trade sideways today.
Contributed by Angel Broking
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