Crude oil prices firm up on geopolitical tensions
Malaysian Airlines crash, Gaza invasion raise concerns
)
<a href="http://http://www.shutterstock.com/pic-45597904/stock-photo-high-price-of-oil-barrel-d.html" target="_blank">Image</a> via Shutterstock
Crude oil prices rose by 0.56% to Rs 6,256 per barrel today after participants indulged in creating speculative positions, tracking a firming trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in July traded Rs 35, or 0.56% higher at Rs 6,256 per barrel, with a business turnover of 1,128 lots.
The oil for August also moved up by Rs 25, or 0.40%, to Rs 6,205 per barrel, with a business volume of 154 lots.
Market analysts attributed the rise in crude oil futures to a firming trend in Asia after a Malaysia Airlines plane was reportedly shot down in war-ravaged Ukraine and Israel launched a ground offensive into Gaza.
Meanwhile, US benchmark West Texas Intermediate for delivery in August was up 53 cents to $103.72, while Brent crude for September gained 65 cents to $108.54 per barrel in late-morning trade.
At the Multi Commodity Exchange, crude oil for delivery in July traded Rs 35, or 0.56% higher at Rs 6,256 per barrel, with a business turnover of 1,128 lots.
The oil for August also moved up by Rs 25, or 0.40%, to Rs 6,205 per barrel, with a business volume of 154 lots.
Market analysts attributed the rise in crude oil futures to a firming trend in Asia after a Malaysia Airlines plane was reportedly shot down in war-ravaged Ukraine and Israel launched a ground offensive into Gaza.
Meanwhile, US benchmark West Texas Intermediate for delivery in August was up 53 cents to $103.72, while Brent crude for September gained 65 cents to $108.54 per barrel in late-morning trade.
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Jul 18 2014 | 11:48 AM IST