Crude Oil Futures Edge Higher On Global Cues


Crude oil prices edged up by 0.09 per cent to Rs 4,577 per barrel in futures trade today after participants raised their bets, taking positive cues from the global markets.
At the Multi Commodity Exchange, crude oil for delivery in September month rose by Rs 4, or 0.09 per cent to Rs 4,577 per barrel in business turnover of 59 lots.
Likewise, the oil for delivery in August contract was trading higher by just Re 1, or 0.02 per cent, to Rs 4,603 per barrel in 3,740 lots.
Marketmen said sentiment improved after oil prices edged up in overseas markets on worries that reimposed US sanctions against Iran would tighten supplies.
Meanwhile, West Texas Intermediate crude was up by 5 per cent to USD 66.86 a barrel while Brent crude was higher by 13 per cent to USD 72.20 per barrel on the New York Mercantile Exchange.



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