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Crude oil prices up 0.93% on positive cues

Press Trust of India  |  New Delhi 

Crude oil prices rose 0.93 per cent to Rs 4,450 per barrel in futures market Tuesday as speculators created fresh positions taking positive cues from the overseas market.

At the Multi Commodity Exchange, crude oil for delivery in May contracts rose by Rs 41, or 0.93 per cent, to Rs 4,450 per barrel in a business turnover of 17,931 lots.

Crude to be delivered in June contracts also gained Rs 37, or 0.83 per cent, to trade at Rs 4,469 per barrel in 518 lots.

Analysts said speculators widened positions in domestic market after global oil prices gained steam.

A couple of bullish oil price forecasts also led to speculators widening positions.

Globally, West Texas Intermediate for June contracts delivery gained 0.22 per cent to USD 63.64, while Brent crude rose 0.32 per cent to USD 72.27 per barrel.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 30 2019. 13:40 IST