Crude oil up 0.9% on overseas cues
Oil for January delivery moved up by 0.88%
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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 0.90% to Rs 3,486 per barrel today as speculators created fresh positions amid a firm trend in Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in February gained Rs 31, or 0.90%, to Rs 3,486 per barrel, with a business turnover of 332 lots.
The oil for January delivery moved up by Rs 30, or 0.88%, to Rs 3,430 per barrel, with a business volume of 6,441 lots.
The rise in crude oil futures was due to a firming trend in Asian trade during the first session of the New Year, as dealers welcomed a larger-than-expected drop in US crude stockpiles, analysts said.
Meanwhile, West Texas Intermediate crude oil for February delivery advanced by 80 cents to USD 54.07 a barrel, while Brent crude for February gained 71 cents to USD 58.04 a barrel in mid-morning trade on the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil for delivery in February gained Rs 31, or 0.90%, to Rs 3,486 per barrel, with a business turnover of 332 lots.
The oil for January delivery moved up by Rs 30, or 0.88%, to Rs 3,430 per barrel, with a business volume of 6,441 lots.
The rise in crude oil futures was due to a firming trend in Asian trade during the first session of the New Year, as dealers welcomed a larger-than-expected drop in US crude stockpiles, analysts said.
Meanwhile, West Texas Intermediate crude oil for February delivery advanced by 80 cents to USD 54.07 a barrel, while Brent crude for February gained 71 cents to USD 58.04 a barrel in mid-morning trade on the New York Mercantile Exchange.
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First Published: Jan 02 2015 | 11:30 AM IST