Crude oil up 0.1% on firm overseas cues
Oil prices for April also traded up by 0.05%
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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 recovered by 0.12% to Rs 5,990 per barrel today as speculators created fresh positions on a firming trend in the Asian region.
At the Multi Commodity Exchange, crude oil prices for delivery in March traded higher by Rs 7, or 0.12%, at Rs 5,990 per barrel, with a business turnover of 979 lots.
Crude oil prices for April also traded up by Rs 3, or 0.05%, to Rs 6,005 per barrel, with a business volume of 198 lots.
Market analysts said the rise in crude oil futures led to a rebound in Asian trade as investors took to bargain hunting after sharp falls induced by a bigger-than-expected rise in US crude stockpiles.
Meanwhile, West Texas Intermediate crude prices for April delivery jumped by 13 cents to USD 98.12 a barrel in mid-morning trade on the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil prices for delivery in March traded higher by Rs 7, or 0.12%, at Rs 5,990 per barrel, with a business turnover of 979 lots.
Crude oil prices for April also traded up by Rs 3, or 0.05%, to Rs 6,005 per barrel, with a business volume of 198 lots.
Market analysts said the rise in crude oil futures led to a rebound in Asian trade as investors took to bargain hunting after sharp falls induced by a bigger-than-expected rise in US crude stockpiles.
Meanwhile, West Texas Intermediate crude prices for April delivery jumped by 13 cents to USD 98.12 a barrel in mid-morning trade on the New York Mercantile Exchange.
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First Published: Mar 13 2014 | 12:30 PM IST