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Crude oil futures rose by 0.53 per cent to Rs 3,237 per barrel today as speculators created fresh positions amid a better trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in April traded higher by Rs 17, or 0.53 per cent, to Rs 3,237 per barrel, with a business turnover of 2,054 lots.
The oil for delivery in May also moved up by Rs 14, or 0.42 per cent, to Rs 3,368 per barrel, with a business volume of 312 lots.
Traders attributed the rise in crude oil futures to a better trend in Asia, extending last week’s gains but the persistent global supply glut will likely cap advances.
Meanwhile, West Texas Intermediate crude added 31 cents to USD 51.95 a barrel, while Brent was up 24 cents at USD 58.11 in late—morning trade on the New York Mercantile Exchange.
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