Crude oil up in futures trade on overseas cues
Speculators create fresh positions, tracking firm trend in Asian trade
Crude oil future prices today rose by 0.34% to Rs 4,748 per barrel as speculators created fresh positions, tracking firm trend in Asian trade.
At the Multi Commodity Exchange, the July contract for crude oil gained Rs 16, or 0.34%, to Rs 4,748 per barrel, with a business turnover of 7,655 lots.
Market analysts attributed the recovery in crude oil futures to a firm trend in Asia as traders bought at prevailing attractive levels following a plunge late last week triggered by disappointing US jobs figures.
Meanwhile, the August contract advanced by 8 cents to $84.63 a barrel on the New York Mercantile Exchange.