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Crude oil futures surged 0.88% to Rs 5,029 per barrel today as speculators engaged in creating positions amid a firm trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in November shot up by Rs 44, or 0.88%, to Rs 5,029 per barrel, with a business turnover of 8,023 lots.
The oil for delivery in December also climbed by Rs 38, or 0.76%, to Rs 5,042 per barrel in a turnover of 365 lots.
Analysts said the rise in crude oil futures was largely in tandem with a firming trend in Asian trade as dealers await the outcome of the US Federal Reserve policy meeting and the latest US supply report.
Meanwhile, West Texas Intermediate crude prices for December delivery rose 26 cents to USD 81.68, while Brent crude for December was up 20 cents at 86.23 per barrel in mid-morning trade at the New York Mercantile Exchange.
