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Buoyed by positive Asian cues on hopes of big fall in US crude reserves, crude oil futures prices rose Rs 44 to Rs 3,898 per barrel today as speculators engaged themselves in enlarging positions.
On the Multi Commodity Exchange, crude oil for delivery in June was trading higher by Rs 44 or 1.14 per cent to Rs 3,898 per barrel with a business turnover of 1,393 lots.
Similarly, the oil for July delivery also moved up by Rs 39 or 1 per cent to Rs 3,946 per barrel with a business volume of 72 lots.
Market analysts attributed the rise in crude oil futures to a firm trend in Asia on expectations of a huge decline in US crude reserves, signalling that demand is improving in the world’s top economy and a global supply glut could soon end.
Meanwhile, West Texas Intermediate crude oil for July delivery rose 79 cents to $60.93 a barrel, while Brent crude also gained 61 cents to $65.49 a barrel in mid-morning trade on the New York Mercantile Exchange.
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