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Crude oil futures traded 0.25 per cent higher at Rs 5,712 per barrel today as speculators created fresh positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in September gained Rs 24, or 0.25 per cent, to Rs 5,712 per barrel with a business turnover of 2,503 lots.
Oil for October delivery moved up by Rs 9, or 0.19 per cent, to Rs 5,717 per barrel with a business volume of 70 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia as dealers await the latest US stockpiles report for clues about demand in the world’s top crude consumer, while buying was boosted by upbeat economic data out of Washington.
The US Department of Energy will release the official petroleum stockpiles report for the week to August 22 later today.
Meanwhile, West Texas Intermediate crude for October delivery advanced by one cent to USD 93.87, while Brent crude for October jumped 22 cents to USD 102.72a barrel in mid—morning trade at the New York Mercantile Exchange.
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