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Crude oil futures prices rose Rs 17 to Rs 3,748 per barrel today after speculators widened their bets, tracking a firming trend in Asia.
On the Multi Commodity Exchange, crude oil for delivery in June was trading higher by Rs 17 or 0.46 per cent at Rs 3,748 per barrel with a business turnover of 3,517 lots.
The oil for July delivery also moved up Rs 15 or 0.40 per cent to Rs 3,799 per barrel with a business volume of 282 lots.
Marketmen attributed the rise in crude oil futures to a firm trend in Asian trade on a weaker dollar, but the gains were capped by concerns about tepid Chinese demand and OPEC’s decision to maintain its current output levels.
Meanwhile, West Texas Intermediate crude oil for July delivery rose 24 cents to $58.38 a barrel, while Brent crude for July delivery also gained 23 cents to $62.92 a barrel in late-morning trade on the New York Mercantile Exchange.
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