Crude oil up by 0.2% on firm overseas cues

Crude oil futures prices today rose marginally by 0.19% to Rs 6,445 per barrel as speculators enlarged positions, tracking a firming trend in the Asian region.

 

At the Multi Commodity Exchange, crude oil prices for delivery in August traded Rs 12, or 0.19% higher at Rs 6,445 per barrel, with a business turnover of 5,085 lots.

 

The crude oil prices for September also up by Rs 7, or 0.11%, to Rs 6,382 per barrel, with a business volume of 495 lots.

 

Market analysts said the rise in crude oil futures supported by a firming trend in Asia following a nearly 27- million barrel decline in US stockpiles in the past three weeks.

 

 

Meanwhile, West Texas Intermediate crude prices for August delivery gained 44 cents to $108.48 a barrel on the New York Mercantile Exchange.