CRUDE OIL PRICES

[epicresearch]

Crude oil prices reversed its previous day’s losses, rising by 0.24 per cent on Tuesday at the domestic markets as speculation of continued monetary easing in the US and Japan to boost economic growth improved the demand outlook for the fuel. Federal Reserve vice chairman Janet Yellen said that the central bank should continue with its USD 85 billion monthly asset buying plan while tracking possible costs and risks from the program. Further, Bank of Japan nominee Haruhiko Kuroda pledged to push bold policy measures to stem nearly two decades of deflation in the world’s third biggest economy. At the MCX, crude oil futures for March 2013 contract were trading at Rs. 4,963 per barrel, up by 0.24 per cent, after opening at Rs. 4,955 against the previous closing price of Rs. 4,951.