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Crude oil futures spurted 0.95 per cent to Rs 4,461 per barrel today as participants widened their bets, tracking a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in July was trading higher by Rs 42 or 0.95 per cent at Rs 4,461 per barrel with a business turnover of 4,156 lots. The August contract also moved up by Rs 36 or 0.81 per cent at Rs 4,460 per barrel with a business volume of 179 lots.
Marketmen attributed the rise in crude oil futures to a firm trend overseas, supported by a drop in US commercial crude inventories reported by the American Petroleum Institute (API). US crude inventories fell by 3 million barrels in the week to June 15 to 430.6 million barrels, according to the weekly API report published on Tuesday.
Meanwhile, West Texas Intermediate crude prices for August delivery rose 27 cents, or 0.40 per cent, to $65.34 a barrel, while Brent crude was up 22 cents, or 0.30 per cent, at $75.30 per barrel on the New York Mercantile Exchange.
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