Crude oil up by 0.7% on firm overseas cues

Crude oil futures prices today rose by 0.71% to Rs 6,777 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 September traded Rs 48, or 0.71% higher at Rs 6,777 per barrel, with a business turnover of 490 lots.

 

The crude oil prices for October also up by Rs 47, or 0.64%, to Rs 6,771 per barrel, with a business volume of 208 lots.

 

Market analysts said the rise in crude oil futures attributed to a firming trend in Asia as upbeat manufacturing data from around the world fuelled hopes of firmer global demand.

 

 

Meanwhile, West Texas Intermediate crude prices for October delivery gained 15 cents to $105.18 a barrel in mid-morning trade on the New York Mercantile Exchange.