Crude oil futures up on firm overseas cues
New Delhi: Crude oil futures prices on Wednesday rose sharply by 3.40 percent to Rs 6,137 per barrel as speculators created fresh positions, tracking a firming trend in the Asian region.
At the Multi Commodity Exchange, crude oil prices for delivery in August traded Rs 102, or 3.40 percent higher at Rs 6,137 per barrel, with a business turnover of 3,079 lots.
The crude oil prices for July also spurted by Rs 101, or 3.39 percent, to Rs 6,130 per barrel, with a business volume of 18,594 lots.
Market analysts said the rise in crude oil futures could be attributed to a firming trend in Asia on growing concerns that the escalating political crisis in Egypt could affect the rest of the Middle East and disrupt world crude supplies.
Meanwhile, crude oil prices for August delivery jumped up by USD 2.20 at USD 101.80 a barrel on the New York Mercantile Exchange.