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Crude oil futures prices rose by 0.62% to Rs 6,342 per barrel today as speculators created fresh positions, tracking a firming trend in the Asian region, on hopes of a possible breakthrough in the US budget crisis.
At the Multi Commodity Exchange, crude oil prices for delivery in October traded Rs 39, or 0.62%, higher at Rs 6,342 per barrel, with a business turnover of 3,069 lots.
The crude oil prices for November also traded up by Rs 39, or 0.62%, to Rs 6,372 per barrel, with a business volume of 193 lots.
Market analysts attributed the rise in crude oil futures to a firming trend in Asia on hopes of a possible breakthrough in the US budget crisis after the White House moved to convene meetings with leading members of Congress.
Meanwhile, West Texas Intermediate (WTI) crude oil prices for November delivery traded up by seven cents at $101.68 a barrel in mid-morning trade on the New York Mercantile Exchange.
