Friday, 22 January 2016

Today's Mcx Market Update On Crude oil

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US crude oil prices were stable in early Asian trading on Friday after bouncing away from 12-year lows the previous day as rallying financial markets gave some traders reason to cash in on record short positions. 

Front-month West Texas Intermediate (WTI) crude futures CLc1 were trading at USD 29.82 per barrel at 0056 GMT (1956 EDT), up 29 cents from their last settlement and over USD 3.50 above 2003 lows reached earlier this week. 

Traders said that a lot of people with open short positions in the market, which profit from falling prices, had decided to cash in when prices had fallen 30 percent between the beginning of the year and the middle of this week, and flip into buying at low costs, lifting prices.

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