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Crude oil rose 0.7 per cent to Rs 3,451 per barrel at the futures market today as speculators created fresh bets, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery this month rose Rs 24 or 0.7 per cent to Rs 3,451 per barrel in a business turnover of 2,795 lots.
Likewise, the oil for delivery in far-month January traded higher by Rs 12 or 0.34 per cent to Rs 3,519 per barrel in 149 lots.
Analysts said speculators built fresh positions after oil prices rose for for a second day in Asia before a meeting between OPEC and other major producers tomorrow on output cuts. This mainly led to rise in crude oil prices at the futures trade.
Meanwhile, West Texas Intermediate crude gained 0.43 per cent to $51.06, while Brent crude rose 0.17 per cent to $53.98 per barrel.
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