Crude oil futures up on domestic demand

Crude oil prices rose 1.24 per cent to Rs 3,762 per barrel Friday as speculators created fresh positions amid positive cues from the domestic markets.

At the Multi Commodity Exchange, crude for delivery in December was trading higher by Rs 46, or 1.24 per cent, to Rs 3,762 per barrel in a business turnover of 17,978 lots.

Also, the crude for delivery in February was trading higher at Rs 3,841, up 1.16 per cent, or Rs 44.

However, internationally the oil prices dipped amid concerns over slowing economic growth in China, and as investors cashed in on gains of over 2 per cent from the previous session, although supply cuts agreed last week by major crude producers offered some support.

The West Texas Intermediate (WTI) crude futures were at USD 52.28 per barrel, down 0.6 per cent, while Brent crude oil futures were at USD 60.99 per barrel, down 0.8 per cent.