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Crude oil prices traded higher by 0.49 per cent to Rs 3,722 per barrel at the futures trade as speculators widened their bets owing to positive cues from global market.
At the Multi Commodity Exchange, crude oil for delivery in January rose Rs 18 or 0.49 per cent to Rs 3,722 per barrel in a business turnover of 28 lots. Likewise, the oil for delivery in the current month was trading higher by Rs 17 or 0.46 per cent at Rs 3,709 per barrel in 28 lots.
Analysts said speculators widened their positions on the back of a firm trend in Asian trade as industry data showed a larger-than-expected drawdown in US crude stockpiles. Meanwhile, West Texas Intermediate gained 0.6 per cent to $57.50 per barrel, while Brent crude rose 50 cents to $63.84.
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