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Crude oil prices advanced 0.14 per cent to Rs 4,945 per barrel at the futures market as speculators raised their bets amid positive global cues.
At the Multi Commodity Exchange, crude oil for delivery in July edged up by Rs 7 or 0.14 per cent to Rs 4,945 per barrel in a business turnover of 35 lots. Also, the oil for delivery in June was trading higher by Rs 6, or 0.12 per cent to Rs 4,944 per barrel in 3,847 lots.
Analysts said the sentiment remained firm as oil prices rose in global markets on concerns that Venezuela’s crude output could drop further following a disputed presidential election and the potential US sanctions on the OPEC-member.
Meanwhile, West Texas Intermediate rose 22 cents or 0.30 per cent to $72.46 per barrel on the New York Mercantile Exchange. Brent crude went up by 15 cents or 0.19 per cent to $79.37 a barrel.
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