Crude oil up 0.8% on overseas cues

Hopes that European Central Bank meeting will yield fresh measures to resolve the euro-zone's debt crisis influences prices

Crude oil futures prices rose by 0.81% to Rs 5,370 per barrel today as speculators created fresh positions, tracking a firm trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in September gained Rs 43, or 0.81%, to Rs 5,370 per barrel, with a business turnover of 16,805 lots.

The October contract moved up by Rs 41, or 0.76%, to Rs 5,402 per barrel, with a business volume of 1,994 lots.

Marketmen said the rise in crude oil futures was on account of a firm trend in Asia as hopes rose that a European Central Bank meeting will yield fresh measures to resolve the euro-zone's debt crisis.

 

Meanwhile, crude oil for October delivery advanced by 68 cents to $96.04 a barrel on the New York Mercantile Exchange.