Crude oil moves up on positive global cues

Crude oil prices moved up by Rs 5 to Rs 3,720 per barrel in futures trading today, as speculators enlarged their positions, supported by a firming global trend.

At the Multi Commodity Exchange counter, crude oil for November-month delivery moved up by Rs 5, or 0.13 per cent, to Rs 3,720 per barrel, with a business turnover of eight lots.

Similarly, the oil for delivery in October-month gained Rs 3, or 0.08 per cent, to Rs 3,664 per barrel, with a business volume of 78 lots.

Marketmen said fresh positions created by speculators on the back of a firming trend in overseas market mainly led to a rise in crude oil prices at futures trade.

 

Meanwhile, New York's main contract, crude for delivery in November, gained 38 cents to $82.05 a barrel.