Crude Oil Futures Rise 1% On Global Cues

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New Delhi, Sep 10 (PTI) Crude oil futures spurted by Rs 53 to Rs 4,939 per barrel Monday after participants widened their bets, tracking a firming trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in October contracts was trading higher by Rs 53, or 1.08 per cent, at Rs 4,939 per barrel with a business turnover of 134 lots.

The crude for September delivery also moved up Rs 51, or 1.04 per cent, to Rs 4,934 per barrel with a business volume of 2,423 lots.

Marketmen attributed the rise in crude oil futures to a firming trend overseas as US drilling for new production stalled and as the market eyed tighter conditions once Washington’s sanctions against Iran’s crude exports kick in from November.

Meanwhile, West Texas Intermediate crude prices rose 41 cents, or 0.61 per cent to trade at USD 68.16 a barrel while Brent crude was up 44 cents, or 0.57 per cent, at USD 77.27 on the New York Mercantile Exchange.

SOURCEChiniMandi

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