Crude oil up 0.27% on overseas cues

Moody's decision not to downgrade Spain, positive US economic data influence prices

Crude oil futures prices rose by 0.27% to Rs 4,872 per barrel today as speculators created fresh positions amid a firm trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in October gained Rs 13, or 0.27%, to Rs 4,872 per barrel, with a business turnover of 4,410 lots.

The November contract moved up by Rs 12, or 0.25%, to Rs 4,909 per barrel, with a business volume of 904 lots.

Marketmen said the rise in crude oil futures was largely supported by a firm trend in Asia after positive developments in Europe following Moody's decision not to downgrade Spain's credit rating and positive US economic data.

Meanwhile, crude oil for November delivery advanced by 35 cents to $92.44 a barrel on the New York Mercantile Exchange.