Comments
Crude oil prices moved up by 0.51 per cent to Rs 4,322 per barrel at the futures trade today as speculators enlarged their positions, tracking a firming trend in the Asian trade on pick-up in demand.
At the Multi Commodity Exchange, crude oil for delivery in July rose Rs 22 or 0.51 per cent to Rs 4,322 per barrel with a business turnover of 6,170 lots. Likewise, August contract gained Rs 20 or 0.46 per cent to Rs 4,368 per barrel with a business volume of 608 lots.
Market analysts said a firming trend overseas on signs that oil demand is picking up in the US, the world’s largest consumer of the commodity, supported the upside in oil prices at the futures trade here.
Meanwhile, crude oil for delivery in August rose 66 cents to $97.31 a barrel on the New York Mercantile Exchange.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.