Crude oil up 1.2% on overseas cues
Market participants said the rise in crude oil futures was attributed to a firming 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 prices rose by 1.20% to Rs 6,086 per barrel today as speculators created fresh positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in December gained Rs 72, or 1.20%, to Rs 6,086 per barrel, with a business turnover of 6,942 lots.
The oil for January next year delivery contracts moved up by Rs 73, or 1.20%, to Rs 6,138 per barrel, with a business volume of 817 lots.
Market participants said the rise in crude oil futures was attributed to a firming trend in Asia on news that part of a major US pipeline could open next month and ease over-supplied inventories.
Meanwhile, crude oil for January delivery advanced by $1.13 to $97.17 a barrel in mid-morning trade on the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil for delivery in December gained Rs 72, or 1.20%, to Rs 6,086 per barrel, with a business turnover of 6,942 lots.
The oil for January next year delivery contracts moved up by Rs 73, or 1.20%, to Rs 6,138 per barrel, with a business volume of 817 lots.
Market participants said the rise in crude oil futures was attributed to a firming trend in Asia on news that part of a major US pipeline could open next month and ease over-supplied inventories.
Meanwhile, crude oil for January delivery advanced by $1.13 to $97.17 a barrel in mid-morning trade on the New York Mercantile Exchange.
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First Published: Dec 04 2013 | 12:54 PM IST