Crude oil futures up on Asian cues

Crude oil futures rose 0.74% to Rs 6,431 per barrel today as speculators enlarged positions on a firming trend in the Asian region and surged to a nine-month high due to Iraq violence.

At the Multi Commodity Exchange, crude oil for delivery in July traded higher by Rs 47, or 0.74%, to Rs 6,431 per barrel, with a business turnover of 479 lots.

Prices for June were also up by Rs 45, or 0.70%, to Rs 6,444 per barrel, with a business volume of 2,355 lots.

Analysts attributed the rise in crude futures to a firming trend in Asian trade as investors kept a wary eye on the worsening crisis in Iraq, where insurgents were advancing on the capital Baghdad.

Meanwhile, West Texas Intermediate crude prices for July delivery jumped 35 cents to $107.26 a barrel in late morning trade at the New York Mercantile Exchange.