Crude oil futures rise 1.14% on overseas cues
New Delhi: Crude oil futures prices rose sharply by 1.14 percent to Rs 6,280 per barrel Wednesday as speculators created fresh positions, tracking a firming trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in July traded Rs 71 or 1.14 percent, higher at Rs 6,280 per barrel with a business turnover of 11,657 lots.
The crude oil for August also moved up by Rs 50, or 0.8 percent, to Rs 6,267 per barrel, with a business volume of 2,987 lots.
Market analysts said the rise in crude oil futures was attributed to a firming trend in Asia buoyed by solid gains in US stocks and stronger demand in the world's biggest economy.
Meanwhile, crude oil for the August delivery added 99 cents to USD 104.52 a barrel on the New York Mercantile Exchange in the morning trade.
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