Commodities

Crude oil futures rise to Rs 4,047 per barrel

PTI New Delhi | Updated on January 16, 2018 Published on January 11, 2018

Continuing its upward march for another session, crude oil futures traded higher by 0.27 per cent at Rs 4,047 per barrel today as speculators raised their bets, taking positive cues from the global market.

At the Multi Commodity Exchange, crude for delivery in the current month rose Rs 11 or 0.27 per cent to Rs 4,047 per barrel in a business turnover of 2,478 lots. Likewise, the oil for delivery in February was trading higher by Rs 11 or 0.27 per cent at Rs 4,044 per barrel in 119 lots.

Analysts attributed the persistent rise in prices to widening of positions by participants, taking positive cues from global markets, where it traded at its highest level since 2014, due to ongoing production cuts led by OPEC. Meanwhile, West Texas Intermediate gained 0.81 per cent to $63.47 per barrel, while Brent crude rose 0.41 per cent to $69.10.

Published on January 11, 2018
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