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Crude oil futures rise on firm global cues

Crude oil prices went up by 0.40 per cent in the futures market as traders indulged in buying on strong global trend.

business Updated: Jul 04, 2008 13:23 IST

Crude oil prices went up by 0.40 per cent in the futures market in early trade on Friday as traders indulged in buying on strong global trend.

"Buying activity picked up following reports that the crude oil surged near a record above 145 dollar a barrel as investors purchased commodities as an alternative to flagging equities markets," said Delhi-based trader Ratnesh Gupta.

At 1200 hrs, the crude for July contract rose by 0.40 per cent to Rs 6,266 per barrel on the Multi Commodity Exchange, clocking a business volume at 2019 barrels.

At the same time, the August contract rose by 0.37 per cent to Rs 6,284 per barrel in a trading volume of 194 barrels.

September contract also rose by 0.05 per cent to Rs 6,294 per barrel in trading of two barrels.

In New York, crude oil for August contract traded at 145.23 dollar a barrel, after touching a high of 145.85 dollar, the highest since trading began in 1983.