Crude oil recovered for a 5th straight week - Geojit

The crude oil benchmarks gained last week on hopes of easing lockdown measures and reassurance on supply cut by OPEC leader Saudi Arabia. West Texas Intermediate crude surged surpassing its counterpart Brent leaving the Brent-WTI spread to negative terrain.

WTI light sweet oil traded in NYMEX gained 6.74 percent to $34.49 per bar-rel last week. Brent crude traded in ICE gained as low as 0.54 percent to $35.33 a barrel.

In MCX, near month crude oil futures prices edged up by 1.63 percent to Rs.2564 per barrel.

Source : Equity Bulls

Keywords