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Crude oil futures up on global cues

Tracking a firming global trend, crude oil prices rose by 0.79% to Rs 4,858 per barrel in futures trading today as speculators enlarged their positions.

business Updated: Jul 17, 2012 11:14 IST

Tracking a firming global trend, crude oil prices rose by 0.79% to Rs 4,858 per barrel in futures trading on Tuesday as speculators enlarged their positions.

At the multi commodity exchange, crude oil for delivery in July rose by Rs 38, or 0.79%, to Rs 4,858 per barrel, with a business turnover of 11,527 lots.

Similarly, the oil for delivery in August edged higher by Rs 37, or 0.76%, to Rs 4,900 per barrel in 1,969 lots.

Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade on hopes that China and the US
will take new steps to bolster their economies.

Meanwhile, crude oil for August delivery climbed 17 cents to $88.60 a barrel on the New York Mercantile Exchange.