Crude oil up on global cues

PTI New Delhi | Updated on April 04, 2011

Buoyed by a firming global trend, crude oil prices rose by Rs 5 to Rs 4,830 a barrel in futures trade today on fresh buying by speculators.

Trading sentiments turned better after crude oil rose to a 30-month high in New York, as signs of economic recovery in the USboosted speculation that fuel demand will increase in the world’s largest crude user.

Crude gained 80 cents to $108.74 a barrel on the New York Mercantile Exchange, the highest since September 24, 2008.

At the Multi Commodity Exchange, crude oil for delivery in April rose by Rs 5 to Rs 4,830 a barrel, with a business turnover of 62 lots.

Similarly, the oil for delivery in May traded higher by the same margin to Rs 4,881 a barrel, with an open interest of three lots. Analysts said fresh buying by speculators on the back of a firming global trend mainly led to rise in prices.

Published on April 04, 2011

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