Crude oil futures rise on firm global cues
New Delhi: Crude oil prices rose by Rs 50 to Rs 5,404 per barrel in futures trade Monday as speculators created fresh positions, tracking a firm global trend.
Sentiment improved after oil rose the most in a week and gasoline climbed to the highest price in four months in global markets as Tropical Storm Isaac reduced output in the Gulf of Mexico and a fire in Venezuela shut part of the world's second-biggest refinery.
At the Multi Commodity Exchange, crude oil for delivery in September rose by Rs 50, or 0.93 percent, to Rs 5,404 per barrel, with a business turnover of 32,034 lots.
Similarly, the oil for delivery in October moved up by Rs 48, or 0.91 percent, to Rs 5,437 per barrel in 3,087 lots.
Marketmen said fresh positions created by speculators on tbe back of a firming global trend mainly led to a rise in crude oil futures.
Meanwhile, crude oil for October delivery increased USD 1.57 to USD 97.72 a barrel on the New York Mercantile Exchange.