Crude oil up 0.6% on overseas cues

Resumption of on deliveries on the US east Coast after Hurricane Sandy supports uptrend

Crude oil futures prices rose by 0.62% to Rs 4,694 per barrel today as speculators created fresh positions amid a firm trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in November gained Rs 29, or 0.62%, to Rs 4,694 per barrel, with a business turnover of 16,125 lots.

The December contract moved up by Rs 28, or 0.59%, to Rs 4,748 per barrel, with a business volume of 1,641 lots.

Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia as deliveries resumed on the US east Coast after Hurricane Sandy.

 

Meanwhile, crude oil for December delivery advanced by 79 cents to $85.65 a barrel in yesterday's trade on the New York Mercantile Exchange.