Crude oil futures up on Asian cues

PTI New Delhi | Updated on March 04, 2011

Crude oil prices rose by Rs 57 to Rs 4,602 per barrel in futures trading on Friday as speculators enlarged their positions, driven by a firm trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in March rose by Rs 57, or 1.25 per cent, to Rs 4,602 per barrel, with a business volume of 24 lots.

Similarly, the oil for delivery in April moved up by Rs 55, or 1.19 per cent, to Rs 4,675 per barrel, with an open interest of five lots.

Market analysts said crude oil futures prices rose in Asian trade on doubts about Venezuela’s proposal to mediate in the crisis in oil—rich Libya.

Meanwhile, New York’s main contract, crude for April delivery, rose by 45 cents to $102.36.

Published on March 04, 2011

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