Crude oil futures traded 0.81 per cent higher at Rs 2,996 per barrel today as speculators created positions amid a firm trend in Asia.
At Multi Commodity Exchange, crude oil for delivery in far-month June gained Rs 24, or 0.81 per cent, to Rs 2,996 per barrel, with a business turnover of 186 lots.
The oil for delivery in May moved up Rs 23, or 0.79 per cent, to Rs 2,926 per barrel, with a business volume of 2,241 lots.
Marketmen said the rise in crude oil futures is largely in tandem with a firming trend in Asia, heading for their third weekly gain after OPEC said it was open to fresh calls on freezing output despite the failure to reach a deal at the weekend.
West Texas Intermediate crude prices for delivery in June advanced 54 cents, or 1.25 per cent, to USD 43.72 a barrel and Brent climbed 49 cents, or 1.10 per cent, to USD 45.02 a barrel on the New York Mercantile Exchange.
WTI is up more than eight per cent and Brent 4.5 per cent from last Friday’s close.
More Like This
Published on April 22, 2016
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.