Crude oil rises 0.8% on global cues

Hopes that the US Federal Reserve would kickstart the economy of the world's largest oil consumer influenced prices

Crude oil future prices rose by 0.80% to Rs 5,411 per barrel today as speculators created fresh positions, tracking a firm trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in September gained Rs 43, or 0.80%, to Rs 5,411 per barrel, with a business turnover of 9,476 lots.

The October contract moved up by Rs 42, or 0.78%, to Rs 5,445 per barrel, with a business volume of 791 lots.

Marketmen said the rise in crude oil futures was on account of a firm trend in Asia.

Hopes that the US Federal Reserve would kickstart the economy of the world's largest oil consumer was behind the firm Asian trend.

 

Meanwhile, crude oil for October delivery advanced by 43 cents to $97.69 a barrel on the New York Mercantile Exchange.