Crude oil prices advanced by 1.31 per cent to Rs 5,014 per barrel in futures market today as speculators increased positions, tracking a firm trend overseas.
At Multi Commodity Exchange, crude oil for delivery in August advanced by Rs 65, or 1.31 per cent, to Rs 5,014 per barrel in business turnover of 473 lots.
On similar lines, the oil for delivery in July was trading higher by Rs 63, or 1.25 per cent, to Rs 5,112 per barrel in 7,576 lots.
Analysts said, expansion of positions by participants in line with a firming trend overseas, where oil prices rose today on shortage of supply, with Brent crude leading the way as oil workers in Norway are set to strike later in the day after failed wage talks, boosted sentiment in futures trade here.
Meanwhile, West Texas Intermediate rose by 54 cents, or 0.73 per cent, to USD 74.39, while Brent crude gained 62 cents, or 0.79 per cent, to USD 78.69 per barrel.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app