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Crude oil futures traded higher by one per cent at Rs 3,942 per barrel at the futures market as speculators widened their bets owing to positive cues from global market.
At the Multi Commodity Exchange, crude oil for delivery in January rose Rs 39 or one per cent to Rs 3,942 per barrel in a a business turnover of 5,206 lots. Likewise, the oil for delivery in February was trading higher by Rs 33 or 0.84 per cent at Rs 3,939 per barrel in 216 lots.
Analysts said speculators widened their positions on the back of a firm trend overseas ahead of the inventory data and as ongoing anti-government protests in Iran raised the prospect of supply disruptions. Meanwhile, West Texas Intermediate gained 0.10 per cent to $60.43 per barrel, while Brent crude rose 0.03 per cent to $66.59.
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