Crude oil futures gain on Fed rate cut hopes
Crude oil futures gained on MCX due to firm demand as a majority of market players expressed hopes that the US Federal Reserve will reduce interest rates at its meeting this week. Moreover, weak US dollar supported sentiments. Investors are closely watching two major developments - India’s continued buy of Russian crude oil and Ukraine’s growing attacks on Russia’s energy infrastructure.
The contract for December delivery was trading at Rs 5443.00, up by 0.29% or Rs 16.00 from its previous closing of Rs 5427.00. The open interest of the contract stood at 14035 lots.
The contract for January delivery was trading at Rs 5442.00, up by 0.39% or Rs 21.00 from its previous closing of Rs 5421.00. The open interest of the contract stood at 2692 lots on MCX.
