Crude oil up on firm global cues

Crude oil rose marginally in early trade on the Multi Commodity Exchange (MCX) on Thursday on increased buying by speculators, influenced by a firming global trend.

Crude oil rose marginally in early trade on the Multi Commodity Exchange (MCX) on Thursday on increased buying by speculators, influenced by a firming global trend.

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At 1150 hours on the MCX, crude oil for the most-active July contract inched up by 0.79 per cent to Rs 3,444 per
barrel, with an open interest in 12,216 lots.

Similarly, the oil for delivery in far-month August recovered by 0.72 per cent to Rs 3,490 per barrel, clocking
820 lots.

Marketmen said increased buying by speculators in the wake of a firming trend in the global market, mainly led to
the rise in crude oil prices.

Trading sentiment remained firm as oil prices were higher in Asian trade on Thursday, with New York crude holding above 71 dollar a barrel following a sharp fall in US crude reserves amid continued unrest in Iran and Nigeria.

Meanwhile, New York's main futures contract, crude for delivery in July, gained 15 cents to USD 71.18 a barrel.