Crude Oil Futures Rise 0.70% On Positive Global Cues


Crude oil prices rose 0.70 per cent to Rs 4719 per barrel in futures trade today as participants raised bets, taking positive cues from overseas markets.
At the Multi Commodity Exchange, crude oil for delivery in August rose by Rs 33, or 0.70 per cent, to Rs 4,719 per barrel in a business turnover of 299 lots.
Similarly, the oil for delivery in September contracts gained Rs 31, or 0.67 per cent, to Rs 4,657 per barrel in 95 lots.
Marketmen said sentiment boosted after oil prices rose in global markets after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau.
Meanwhile, West Texas Intermediate crude prices went up by 28 cent, or 0.41 per cent, to USD 68.77 a barrel while Brent crude up by 21 cent, or 0.29 per cent, to USD 73.42 a barrel on the New York Mercantile Exchange.



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