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.
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.