Crude Oil Futures Rise On Positive Global Cues

New Delhi, Sep 24 (PTI) Crude oil rose by Rs 61 to Rs 5,182 per barrel in futures market Monday as speculators created speculative positions, taking positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in November was trading higher by Rs 61, or 1.19 per cent, to Rs 5,182 per barrel, in a business turnover of 166 lots.

The oil for delivery in October too rose by Rs 52, or 1.01 per cent, to quote at Rs 5,198 per barrel in 1,429 lots.

Analysts said speculative positions created by traders as oil prices edged up in Asia Monday after US markets tightened just weeks ahead of Washington’s plan to impose new sanctions against Iran, with US bank JP Morgan warning of price spikes above USD 90 per barrel in coming months, mainly influenced crude prices at futures trade here.

Meanwhile, West Texas Intermediate gained 75 cents, or 1.06 per cent, to USD 71.53 while global benchmark Brent was up 93 cents, or 1.19 per cent cent to USD 79.17 a barrel.

LEAVE A REPLY

Please enter your comment!
Please enter your name here