Crude oil futures climb 1.85% on overseas cues
Speculators created positions amid a firm trend in Asia
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Crude oil futures prices rose by 1.85% to Rs 3,359 per barrel today as speculators created positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in April was trading Rs 61, or 1.85%, higher at Rs 3,359 per barrel, with a business turnover of 541 lots.
The oil for May delivery contracts moved up by Rs 44, or 1.29%, to Rs 3,451 per barrel, with a business volume of 24 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asian trade, as signs that refineries' strike in the US is weakening, overshadowed a rise in US crude stocks.
Meanwhile, West Texas Intermediate crude prices advanced by 29 cents to $51.82, while Brent gained six cents to $60.61 a barrel respectively in late morning trade on the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil for delivery in April was trading Rs 61, or 1.85%, higher at Rs 3,359 per barrel, with a business turnover of 541 lots.
The oil for May delivery contracts moved up by Rs 44, or 1.29%, to Rs 3,451 per barrel, with a business volume of 24 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asian trade, as signs that refineries' strike in the US is weakening, overshadowed a rise in US crude stocks.
Meanwhile, West Texas Intermediate crude prices advanced by 29 cents to $51.82, while Brent gained six cents to $60.61 a barrel respectively in late morning trade on the New York Mercantile Exchange.
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First Published: Mar 05 2015 | 11:13 AM IST