Crude oil prices rose 0.95 per cent to Rs 3,943 per barrel at the futures trade as participants raised their bets in line with a firm global trend.
At the Multi Commodity Exchange, crude oil for delivery in January was trading higher by Rs 37 or 0.95 per cent at Rs 3,943 per barrel in a business turnover of 10,143 lots. The oil for delivery in February too was up Rs 34 or 0.87 per cent at Rs 3,947 per barrel in 556 lots.
Traders said speculators raised their bets on account of a firm trend in Asian markets, where crude hit its highest level since 2015 as speculators bet on further price rises amid OPEC-led production cuts and a dip in American drilling activity, buoyed the trading sentiment here.
Meanwhile, West Texas Intermediate gained 51 cents to $62.24, while Brent crude, the international standard, added 41 cents to $68.19 per barrel.
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Published on January 9, 2018
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