Crude Oil Futures Rise On Firm Global Cues

Crude oil prices moved up by 0.59 per cent to Rs 4,597 per barrel in futures trading today as participants raised bets, tracking a firm trend in the global markets.
At the Multi Commodity Exchange, crude oil for delivery in August went up by Rs 27, or 0.59 per cent to Rs 4,597 per barrel in business turnover of 6678 lots.
Likewise, the oil for delivery in September was trading higher by a similar margin to Rs 4568 per barrel in 535 lots.
Marketmen said sentiment turned better after oil prices rebounded today in overseas markets after heavy losses in the previous session that came as the China-US trade dispute escalated, with official Chinese data indicating energy demand in the world’s top importer has yet to recover its strength.
Meanwhile, West Texas Intermediate crude prices gained 7 cent to USD 67.02 a barrel while Brent crude up by 24 cent to USD 72.52 a barrel on the New York Mercantile Exchange.



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