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Crude oil futures prices recovered by 0.4 per cent to Rs 6,527 per barrel today as speculators enlarged their positions, tracking a firm trend in the Asian region ahead of US stockpiles report.
On the Multi Commodity Exchange, crude oil prices for delivery in October traded higher by Rs 26 or 0.4 per cent at Rs 6,527 per barrel with a business turnover of 1,865 lots.
Similarly, crude oil prices for November delivery were also up by Rs 22 or 0.34 per cent to Rs 6,530 per barrel with a business volume of 52 lots.
Analysts said that the rise in crude oil futures was attributed to a firm trend in the Asian region as investors expect a US stockpiles report to show a fall, indicating firm demand in the world’s top crude consumer.
Meanwhile, West Texas Intermediate crude prices for October delivery gained 16 cents to $103.29 a barrel in mid-morning trade on the New York Mercantile Exchange.
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