Crude oil futures up 3.4% on firm overseas cues
The crude oil prices for July also spurted by 3.39%
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<a href="http://www.shutterstock.com/pic-33742723/stock-photo-many-barrels-of-oil-on-a-white-background.html?src=4E5JmKDWXyFhy3gm4lyKlQ-1-32" target="_blank">Crude Oil</a> image via Shutterstock
Crude oil futures prices today rose sharply by 3.40% to Rs 6,137 per barrel as speculators created fresh positions, tracking a firming trend in the Asian region.
At the Multi Commodity Exchange, crude oil prices for delivery in August traded Rs 102, or 3.40% higher at Rs 6,137 per barrel, with a business turnover of 3,079 lots.
The crude oil prices for July also spurted by Rs 101, or 3.39%, to Rs 6,130 per barrel, with a business volume of 18,594 lots.
Market analysts said the rise in crude oil futures could be attributed to a firming trend in Asia on growing concerns that the escalating political crisis in Egypt could affect the rest of the Middle East and disrupt world crude supplies.
Meanwhile, crude oil prices for August delivery jumped up by $2.20 at $101.80 a barrel on the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil prices for delivery in August traded Rs 102, or 3.40% higher at Rs 6,137 per barrel, with a business turnover of 3,079 lots.
The crude oil prices for July also spurted by Rs 101, or 3.39%, to Rs 6,130 per barrel, with a business volume of 18,594 lots.
Market analysts said the rise in crude oil futures could be attributed to a firming trend in Asia on growing concerns that the escalating political crisis in Egypt could affect the rest of the Middle East and disrupt world crude supplies.
Meanwhile, crude oil prices for August delivery jumped up by $2.20 at $101.80 a barrel on the New York Mercantile Exchange.
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First Published: Jul 03 2013 | 12:09 PM IST