Comments
Crude oil prices went up by 0.83 per cent to Rs 4,603 per barrel at the futures market today as speculators built up fresh positions, taking positive cues from overseas markets.
At the Multi Commodity Exchange, crude oil for delivery in May rose Rs 38 or 0.83 per cent to Rs 4,603 per barrel in a business turnover of 12,402 lots. The oil for delivery in June also gained Rs 35 or 0.77 per cent to Rs 4,606 per barrel in 269 lots.
Analysts said fresh positions built up by participants in tandem with a firm trend overseas on hopes of tightening of supplies lifted the domestic sentiment. Also, the likelihood of US sanctions against Iran influenced crude oil prices at the futures trade.
Meanwhile, West Texas Intermediate gained 48 cents or 0.70 per cent to $69.12, while global benchmark Brent advanced by 32 cents or 0.43 per cent to $75.03 a barrel.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.