Commodities

Crude oil up on strong global cues

PTI New Delhi | Updated on February 21, 2011

Crude oil futures prices shot up by 1.60 per cent to Rs 4,137 a barrel today, as traders enlarged their positions, driven by a firming trend in Asian trade on escalating tensions in Libya.

At the Multi Commodity Exchange, crude oil for March contract gained Rs 165 or 1.60 per cent to Rs 4,137 a barrel, clocked a turnover of 43 lots.

Similarly, the crude for delivery in May contract also edged higher by Rs 46 or 1.07 per cent to Rs 4,346 a barrel, with a turnover of one lot

Analysts attributed the rise in crude oil at futures market here to firming trend in Asian trading as mounting tensions in Libya fuelled concerns over instability spreading across the oil-producing Arab states.

Meanwhile, crude for April delivery climbed $1.99 to 91.70 dollar a barrel on the New York Mercantile Exchange today.

Published on February 21, 2011

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