Crude oil futures up on global cues

Crude oil futures up on global cues

Crude oil futures rose by Rs 27 to Rs 4,656 per barrel on Thursday as speculators created fresh positions, tracking a firm trend at the overseas market. At the Multi Commodity Exchange, crude oil for May delivery was trading higher by Rs 27, or 0.58 per cent, at Rs 4,656 per barrel in a business turnover of 27,624 lots.

Crude oil contracts for June also rose by Rs 21, or 0.45 per cent, to Rs 4,666 per barrel in a business volume of 637 lots. Analysts said the US move to not extend waivers for India and seven other countries that had been importing Iranian crude in spite of sanctions led to the increase in oil price.

Globally, West Texas Intermediate crude prices rose 0.32 per cent to USD 66.10 per barrel, while Brent crude, the international benchmark, was up 1.01 per cent to USD 75.32 per barrel. Read More

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