Crude oil futures climb 1.53 pc on global cues

Crude oil rose 1.53 per cent to Rs 3,779 per barrel in futures market Monday as speculators created fresh bets, taking positive cues from global markets.

On the Multi Commodity Exchange, crude oil for delivery in June contracts was trading higher by Rs 57, or 1.53 per cent, to Rs 3,779 per barrel in a business turnover of 18,941 lots.

On similar lines, crude to be delivered in July contracts rose by Rs 57, or 1.52 per cent, to Rs 3,805 per barrel with a business turnover of 1,796 lots.

Speculators built fresh positions on expectations of tighter global crude supplies amid reports that Saudi Arabia said Opec and Russia were close to an agreement on extending supply-cuts.

The prices also gained steam after US-Mexico averted a trade war allaying fears of a global slowdown.

Meanwhile, West Texas Intermediate gained 0.56 per cent to USD 54.29, and Brent crude traded 0.49 per cent higher at USD 63.60 per barrel. 

Comments (+)