Crude oil marginally up on overseas cues

July, August contracts gain about 0.7% on firmer trend in Asia after a tropical storm spared production facilities in the Gulf of Mexico

Crude oil futures prices today recovered marginally by 0.07% to Rs 4,529 per barrel after speculators created fresh positions, tracking a firming trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in July gained Rs 3, or 0.07%, to Rs 4,529 per barrel, with a business turnover of 8,735 lots.

August crude moved up by a similar margin to Rs 4,575 per barrel, with a business volume of 475 lots.

Market analysts attributed the recovery in crude oil futures to a firming trend in Asian trade after a tropical storm spared production facilities in the Gulf of Mexico and euro-zone worries resurfaced.

 

Meanwhile, crude oil for the August delivery advanced by 12 cents to $79.33 a barrel on the New York Mercantile Exchange.