Crude oil futures gain 0.33% on positive global cues

Crude oil prices moved up by 0.33 per cent to Rs 4,580 per barrel in futures market today as participants raised bets, tracking a firm trend in the global markets.

At the Multi Commodity Exchange, crude oil for delivery in September rose by Rs 15, or 0.33 per cent, to Rs 4,580 per barrel in a business turnover of 16 lots.

Similarly, the oil for delivery in August contracts gained Rs 12, or 0.26 per cent, to Rs 4,641 per barrel in 717 lots.

Marketmen said sentiment bolstered after oil prices rose in global markets, recouping a portion of the losses of the last two days that were driven by reports showing surprise gains in US inventories of crude, along with mounting concern over trade friction between the US and China.

Meanwhile, West Texas Intermediate crude prices went up by 12 cent, or 0.18 per cent, to USD 67.78 a barrel while Brent crude edged up by 16 cent, or 0.22 per cent, to USD 72.55 a barrel on the New York Mercantile Exchange.