Crude oil futures prices rose by Rs 25 to Rs 5,023 per barrel today as speculators created fresh positions, taking positive cues from overseas.
At the Multi Commodity Exchange, crude oil for delivery in August rose by Rs 25, or 0.50%, to Rs 5,023 per barrel in a business turnover of 21,961 lots.
The September contract moved up by Rs 23, or 0.46%, to Rs 5,062 per barrel in 1,781 lots.
Market analysts said the rise in crude futures was due to fresh positions created by speculators after crude oil climbed to one-week high in the global markets.
The surge in global markets was fuelled on speculation that the US and European policymakers will act to boost growth amid concerns that the Middle East unrest may spread and disrupt supplies.
Meanwhile, crude oil for September delivery gained 82 cents, or 0.9%, to $90.95 a barrel on the New York Mercantile Exchange.
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