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Crude oil futures up 0.48 pc on overseas cues

Press Trust of India  |  New Delhi 

futures rose 0.48 per cent to Rs 3,172 per barrel today as speculators raised bets amid a firm trend overseas.

In futures trading at the Multi Commodity Exchange, for delivery in the current month was trading higher by Rs 15, or 0.48 per cent, at Rs 3,172 per barrel in 5,184 lots.


On similar lines, crude for delivery in September was trading higher by Rs 14, or 0.44 per cent, at Rs 3,194 per barrel in a business turnover of 193 lots.

Analysts said rise in futures was largely in tandem with a firming trend in global market on data showing a sharp decline in supplies of US crude.

The report from the Energy Information Administration (EIA) showed crude stockpiles fell by more than expected last week, pointing to an uptick in refinery activity. EIA reported that US inventories fell by 6.5 million barrels to 1.15 billion barrels.

Meanwhile, the US benchmark West Texas Intermediate crude price was up 1 cent to USD 49.57 a barrel and Brent crude, used to price international oils, added 4 cents to USD 52.74 a barrel.

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

First Published: Thu, August 10 2017. 11:48 IST
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