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Crude oil futures trade higher on global cues

Crude oil prices rose by Rs 12 or 0.35 per cent to Rs 3,490 per barrel in futures market on Monday, as traders created fresh positions on the back of a firming global trend.

business Updated: Jun 14, 2010 13:05 IST

Crude oil prices rose by Rs 12 or 0.35 per cent to Rs 3,490 per barrel in futures market today, as traders created fresh positions on the back of a firming global trend.

Trading sentiment turned better after crude oil advanced in New York, extending gains made last week, on speculation sustained growth in the US economy will boost fuel demand from the world's biggest energy consumer.

At the Multi Commodity Exchange, crude oil for delivery in June-month contract gained Rs 12, or 0.35 per cent to Rs 3,490 per barrel, with an open interest of 18,442 lots.

The oil for delivery in July-month contract also traded higher by Rs 12, or 0.34 per cent to Rs 3,570 per barrel, with a business volume of 4,049 lots.

Market experts said fresh buying by traders in tandem with a firming global trend mainly led to a rise in crude oil prices at futures market.

Meanwhile, crude oil for July delivery rose 90 cents to USD 74.68 a barrel on the New York Mercantile Exchange.