Crude oil futures gains 0.51% on better global trend

Crude oil prices rose by Rs 18 to Rs 3574 per barrel in futures market today as traders enlarged their positions on a firming global trend.

Trading sentiment remained better after oil climbed higher in Asian trade, drawing support from investors' positive outlook on the global economy.

At the Multi Commodity Exchange, crude oil for June contract rose by Rs 18, or 0.51 per cent to Rs 3574 per barrel with an open interest of 19325 lots.

Similarly, the oil for delivery in July contract gained Rs 15, or 0.41 per cent to Rs 3630 per barrel with a business turnover of 4522 lots.

 

Market analysts said sustained buying by traders in tandem with a firming trend in global markets pushed up crude oil prices at futures market.

Meanwhile, New York's main contract, crude for July delivery rose 16 cents to $77.10 a barrel.