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Crude oil futures rose 2.37% to Rs 2,855 per barrel today as speculators widened positions amid a firm trend in Asia.
Crude oil for delivery in September month contracts traded higher by Rs 66 or 2.37% to Rs 2,855 per barrel with a business turnover of 2,228 lots in futures trading at the Multi Commodity Exchange (MCX).
The oil for delivery in far-month October also moved up by Rs 63 or 2.20% to Rs 2,925 per barrel with a business volume of 86 lots.
Analysts attributed the rise in crude oil futures to a firming trend in Asian trade today where it extended gains following a 10% price surge in the previous session fuelled by strong US economic data,
Meanwhile, West Texas Intermediate crude for October delivery rose 52 cents at $43.08, while Brent crude for October gained 23 cents to $47.79 in late-morning trade at the New York Mercantile Exchange.
