Crude oil futures up on higher global trend

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Crude oil futures up on higher global trend
Press Trust of India / New Delhi Jul 27, 2010, 15:55

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In a range-bound trading, crude oil prices rose by Rs 16, or 0.44 per cent, to Rs 3,632 per barrel in futures trading today, as traders enlarged their positions on a firming global trend.

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Trading sentiment turned better after oil prices inched marginally higher in Asian trade with investor sentiment clouded by worries about the US and euro zone economies.

At the Multi Commodity Exchange counter, crude oil for August rose by Rs 16, or 0.44 per cent, to Rs 3,632 per barrel, with an open interest of 40 lots.

However, oil for September held steady at Rs 3,670 per barrel, with an open volume of two lots. Market analysts said fresh buying by traders and reports of a firming global trend mainly pushed up crude oil prices at futures trade.

Meanwhile, New York's main contract, crude for September delivery, gained eight cents to $79.06 a barrel.