Crude oil gains 0.66% on global cues

Meeting of European leaders on debt crisis influences prices

Crude oil prices rose by Rs 35 to Rs 5,373 per barrel in futures trading today as speculators created fresh positions, tracking a firm global trend.

At the Multi Commodity Exchange, crude oil for delivery in September rose by Rs 35, or 0.66%, to Rs 5,373 per barrel, with a business turnover of 29,721 lots.

The October contract moved up by Rs 35, or 0.65%, to Rs 5,407 per barrel in 1,915 lots.

Marketmen said fresh buying by speculators in tandem with a firm global trend ahead of a meeting of European leaders on the region's debt crisis, led to the rise in crude oil futures.

 

Meanwhile, crude for September delivery was up 40 cents at $96.37 a barrel on the New York Mercantile Exchange.