Crude oil up 1% on overseas cues
Oil for May delivery moved up by 0.91%
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<a href="http://www.shutterstock.com/pic-33742723/stock-photo-many-barrels-of-oil-on-a-white-background.html?src=4E5JmKDWXyFhy3gm4lyKlQ-1-32" target="_blank">Crude Oil</a> image via Shutterstock
Crude oil futures prices rose over 1% to Rs 6,125 per barrel today as speculators created fresh positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 62, or 1.02%, to Rs 6,125 per barrel, with a business turnover of 3,199 lots.
The oil for May delivery moved up by Rs 55, or 0.91%, to Rs 6,106 per barrel, with a business volume of 206 lots.
Market participants said the rise in crude oil futures was attributed to a firming trend in Asian trade after stockpiles declined at a key US trading hub, indicating stronger demand, and on news of a major pipeline expansion in the US.
Meanwhile, West Texas Intermediate crude oil for April delivery advanced by 13 cents to USD 100.50 a barrel in mid- morning trade on the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 62, or 1.02%, to Rs 6,125 per barrel, with a business turnover of 3,199 lots.
The oil for May delivery moved up by Rs 55, or 0.91%, to Rs 6,106 per barrel, with a business volume of 206 lots.
Market participants said the rise in crude oil futures was attributed to a firming trend in Asian trade after stockpiles declined at a key US trading hub, indicating stronger demand, and on news of a major pipeline expansion in the US.
Meanwhile, West Texas Intermediate crude oil for April delivery advanced by 13 cents to USD 100.50 a barrel in mid- morning trade on the New York Mercantile Exchange.
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First Published: Mar 20 2014 | 12:20 PM IST