Crude oil prices bounce 0.88% on global cues


New Delhi, Nov 21 (PTI)
Crude oil prices rose 0.88 per cent to Rs 3,888 per barrel Wednesday as speculators created fresh positions amid positive cues from Asian markets.
Traders said oil prices recovering part of the previous day’s near 7 per cent plunge, supported by a report of an unexpected decline in US commercial crude inventories, influenced oil prices at futures trade here.
At the Multi Commodity Exchange, crude for delivery in December was trading higher by Rs 34,or 0.88 per cent, to Rs 3,888 per barrel in a business turnover of 3,694 lots.
Meanwhile, West Texas Intermediate gained 1.63 per cent, to USD 54.30, while Brent crude, the international benchmark, recovered 1.55 per cent to USD 63.50 per barrel.
Meanwhile, Brent crude prices dropped sharply on Tuesday to trade at one-year low of USD 62.17 per barrel amid concern about rising global supplies.



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