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Crude oil futures rise 0.85% on global cues

Press Trust of India  |  New Delhi 

traded 0.85 per cent higher at Rs 4,037 per barrel in market today as speculators raised bets, taking positive cues from global market. At the Multi Commodity Exchange, for delivery in January rose Rs 34, or 0.85 per cent, to Rs 4,037 per barrel in a business turnover of 2,234 lots. Likewise, the for delivery in February was trading Rs 29, or 0.72 per cent, higher at Rs 4,035 per barrel in 114 lots. Analysts said, speculators created fresh positions on the back of a firm trend overseas where crude surged to over three-year high, backed by OPEC-led output cuts, a dip in the US rig count and expectations US crude inventories fell for an eighth week supported prices at trade here. Meanwhile, Intermediate gained 2.64 per cent, to USD 63.36 per barrel, while Brent crude, climbed 2.04 per cent at USD 69.16.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 10:40 IST
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