MC:Crude oil rebounds in futures trade on global cues
Crude oil prices recovered by Rs 35 to Rs 3,698 per barrel in futures trade today as speculators created fresh positions after it rebounded from a 10-month low in New York.
At the Multi Commodity Exchange, crude oil for delivery in August traded Rs 35, or 0.96 per cent, higher at Rs 3,698 per barrel, with a business turnover of 5,151 lots.
Similarly, the oil for delivery in September moved up by Rs 35, or 0.94 per cent, to Rs 3,743 per barrel, with a trade turnover of 732 lots.
Market analysts said a firming trend overseas where crude rebounded from a 10-month low in New York as investors bet fuel demand will rise amid shrinking stockpiles and comments by the Federal Reserve that it is prepared to use a range of methods to bolster the economy, helped crude futures to trade higher.
Meanwhile, crude for September delivery gained USD 3.13, or 4 per cent, to USD 82.43 a barrel on the New York Mercantile Exchange. It fell to USD 79.30 in yesterday's trade, the lowest level since September 29 last year.
