Crude oil up 0.6% on overseas cues
Speculators create fresh positions amid a firm trend in Asia
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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 traded 0.61 per cent higher at Rs 6,112 per barrel today as speculators created fresh positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in February gained Rs 37, or 0.61 per cent, to Rs 6,112 per barrel, with a business turnover of 2,764 lots.
March oil delivery moved up by Rs 35, or 0.58 per cent, to Rs 6,102 per barrel, with a business volume of 171 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia as extra cold weather in the United States bolstered demand for heating fuel.
Meanwhile, crude oil for March delivery advanced by 40 cents to USD 97.59 a barrel in mid-morning trade at the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil for delivery in February gained Rs 37, or 0.61 per cent, to Rs 6,112 per barrel, with a business turnover of 2,764 lots.
March oil delivery moved up by Rs 35, or 0.58 per cent, to Rs 6,102 per barrel, with a business volume of 171 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia as extra cold weather in the United States bolstered demand for heating fuel.
Meanwhile, crude oil for March delivery advanced by 40 cents to USD 97.59 a barrel in mid-morning trade at the New York Mercantile Exchange.
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First Published: Feb 05 2014 | 12:42 PM IST