Commodities

Crude oil moves up

PTI New Delhi | Updated on June 21, 2011

Crude oil prices moved up by Rs 55 to Rs 4,313 per barrel in futures trade today as speculators enlarged their positions amid a firming global trend.

Trading sentiments turned better after oil advanced in New York as concerns eased that Greece will default on its debt and disrupt Europe’s economy, and before a report that may show US crude stockpiles dropped for a third week.

At the Multi Commodity Exchange, crude oil for delivery in August moved up by Rs 55 or 1.29 per cent to Rs 4,313 per barrel, with a business turnover of 1,569 lots.

Similarly, the oil for delivery in July gained Rs 52 or 1.23 per cent to Rs 4,263 per barrel in 19,868 lots.

Market analysts said fresh buying by speculators in tandem with a firming global trend mainly pushed up crude oil futures prices.

Meanwhile, crude oil for July delivery rose 65 cents to $93.91 a barrel on the New York Mercantile Exchange.

Published on June 21, 2011

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