Crude Oil Futures Up 0.39% On Overseas Cues

Crude oil prices hardened by Rs 19 to Rs 4,952 per barrel in futures trading today as speculators created fresh bets, taking positive cues from global market.
At Multi Commodity Exchange, crude oil for delivery in August rose by Rs 19, or 0.39 per cent, to Rs 4,952 per barrel in a business turnover of 127 lots.
On similar lines, the oil for delivery in July contracts was up by Rs 13, or 0.26 per cent, to Rs 5,088 per barrel in 1,874 lots.
Analysts said speculators built fresh positions after oil prices rose today as investors focused on tight market conditions after data late last week showed US crude inventories fell to their lowest in more than three years.
Meanwhile, West Texas Intermediate gained 28 cents, or 0.38 per cent to USD 74.08 while Brent crude rose 29 cents, or 0.38 per cent to USD 77.40 per barrel.

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