Crude oil futures firm up on overseas cues

Crude oil futures firm up on overseas cues

Crude oil futures prices rose by 1.20 per cent to Rs 6,086 per barrel today as speculators created fresh positions amid a firm trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in December gained Rs 72, or 1.20 per cent, to Rs 6,086 per barrel, with a business turnover of 6,942 lots.

The oil for January next year delivery contracts moved up by Rs 73, or 1.20 per cent, to Rs 6,138 per barrel, with a business volume of 817 lots.

Market participants said the rise in crude oil futures was attributed to a firming trend in Asia on news that part of a major US pipeline could open next month and ease over-supplied inventories.

Meanwhile, crude oil for January delivery advanced by USD 1.13 to USD 97.17 a barrel in mid-morning trade on the New York Mercantile Exchange.

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