Crude oil up 1% on global cues

A firming trend overseas after the US Federal Reserve announced fresh round of stimulus boosted the demand

Crude oil prices rose by Rs 53 to Rs 5,427 per barrel in futures market today as speculators created fresh positions taking positive cues from the overseas markets.

At the Multi Commodity Exchange, crude oil for delivery in September rose by Rs 53, or 0.99%, to Rs 5,427 per barrel, with a business turnover of 3,841 lots.

The October contract traded higher by Rs 52, or 0.96%, to Rs 5,458 per barrel, with a business turnover of 586 lots.

Marketmen said fresh buying by speculators on the back of a firm global trend led to the rise in crude oil prices at futures trade.

 

The US Federal Reserve had announced a fresh round of stimulus to power the world's biggest economy.

Meanwhile, crude surged 65 cents at $98.96 a barrel on the New York Mercantile Exchange.