Crude oil prices rose 1.65 per cent to Rs 2,960 per barrel in futures market today as speculators created fresh bets, taking positive cues from global markets. At Multi Commodity Exchange, crude oil for delivery in July was trading higher by Rs 48, or 1.65 per cent, to Rs 2,960 per barrel, in a business turnover of 1,893 lots. Likewise, the oil for delivery in August was trading up by Rs 47, or 1.60 per cent, to Rs 2,983 per barrel in 61 lots. Analysts said, speculators built fresh positions after oil prices rallied overseas as the US officials lowered their domestic oil production outlook for next year, which mainly influenced crude futures here. The Energy Information Administration (EIA) cut the 2018 US oil-output forecast by 1 per cent to 9.9 mln bbls/day. Meanwhile, West Texas Intermediate was up 74 cents, or 1.64 per cent to USD 45.78 while Brent crude gained 70 cents, or 1.47 per cent to USD 48.22 per barrel.
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