Crude oil up 0.4% on global cues

Fresh buying by speculators pushes up prices to Rs 5,378 per barrel

Crude oil prices rose by Rs 22 to Rs 5,378 per barrel in futures market today as speculators created fresh positions taking positive cues from overseas markets.

At the Multi Commodity Exchange, crude oil for delivery in September rose by Rs 22, or 0.41%, to Rs 5,378 per barrel, with a business turnover of 28,277 lots.

The October contract traded higher by Rs 21, or 0.39%, to Rs 5,410 per barrel, with a business turnover of 3,473 lots.

Marketmen said fresh buying by speculators on the back of a firm global trend led to the rise in crude oil prices at futures trade.

 

Meanwhile, crude was up by 22 cents at $97.39 a barrel on the New York Mercantile Exchange.