Crude Oil Futures Rise Marginally On Overseas Cues

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New Delhi, Sep 25 (PTI) Crude oil rose marginally to Rs 5,284 per barrel in futures market Tuesday as speculators widened their portfolios, taking positive lead from the global market.

At the Multi Commodity Exchange, crude oil for delivery in October was trading higher by Rs 11, or 0.20 per cent, to Rs 5,284 per barrel in a business turnover of 1,504 lots.

Likewise, the oil for delivery in November traded higher by Rs 11, or 0.19 per cent, to Rs 5,276 per barrel in 96 lots.

Analysts said raising of bets by speculators after global crude oil prices soared to four-year high amid looming US sanctions against Iran and the unwillingness or inability of the Organization of the Petroleum Exporting Countries (Opec) and top oil producer Russia to raise output to offset the loss of Iranian supply have spurred prices higher.

Meanwhile, West Texas Intermediate gained 28 cents, or 0.30 per cent, to USD 72.26. Brent crude rose 22 cents, or 0.30 per cent, to USD 81.42 per barrel, the highest since November 2014.

 

SOURCEChiniMandi

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