Crude oil rises by 0.5% on Asian cues

Crude oil futures recovered 0.50% to Rs 5,873 per barrel today as speculators created positions amid a rebound in Asian trade after tumbling on easing concerns about conflicts in Ukraine and Iraq.

At the Multi Commodity Exchange, crude oil for delivery in August gained Rs 29, or 0.50%, to Rs 5,873 per barrel, with a business turnover of 596 lots.

The oil for September delivery moved up by Rs 16, or 0.28%, to Rs 5,753 per barrel, with a business volume of 548 lots.

Marketmen said the rise in crude oil futures was largely in tune with rebound in Asian trade on bargain-hunting after tumbling on easing concerns about conflicts in Ukraine and Iraq.

Meanwhile, West Texas Intermediate crude prices for September delivery advanced by 38 cents to $96.79, while Brent crude for October gained 22 cents to $101.82 a barrel in late-morning trade on the New York Mercantile Exchange.