Crude oil futures traded a shade higher at Rs 2,937 per barrel today as speculators created positions amid a firm trend in Asia.
On the Multi Commodity Exchange, crude oil for delivery in September gained Rs 3 or 0.1 per cent to Rs 2,937 per barrel with a business turnover of 377 lots.
Similarly, the oil for delivery in August moved up Re 1 or 0.03 per cent to Rs 2,889 per barrel with a business volume of 3,500 lots.
Marketmen said the rise in crude oil futures is largely in tandem with a firm trend in Asia after a mixed US energy report showed a healthy decline in crude stocks but a rise in output, which could aggravate the global supply glut.
Meanwhile, the US Department of Energy had said yesterday that crude stockpiles in the world’s top consumer slid 4.4 million barrel in the week through July 31, indicating robust demand.
But it also showed US production rising 52,000 barrels per day to 9.5 million barrels per day, rebounding from the previous week’s drop.
West Texas Intermediate crude prices for delivery in September advanced two cents to $45.17 a barrel and Brent rose 11 cents to $49.70 in late-morning trade on the New York Mercantile Exchange.