Crude futures extended its gains during the Asian trading hours in Overseas as the threat posed by Iran to stop crude shipments to France and Britain has increased demand for the most used commodity in New York.
The head of Iran state Oil Company said if other European countries continued hostile acts, the crude shipments will be restricted. The news came after the day Tehran cut crude exports to France and Britain.
The news has pushed crude futures to trade at a nine month high of above $105 per barrel during the electronic trading in New York Mercantile Exchange. At 10:57 hrs, the crude futures for March delivery were up $2.47 per barrel to $104.78 per barrel in New York.
In contradiction to the global cues, crude futures for March delivery in the domestic market was down 0.29% to Rs.5198 per barrel on MCX.
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