MC:Crude oil up 0.38% in futures trade on global cues
Crude prices recovered by 0.38% to Rs 3,926 per barrel in futures trade today as speculators created fresh positions after oil strengthened in Asian trade.
Market analysts said a firming trend overseas -- where crude was hovering above USD 85 a barrel today in Asia after a US supply report gave mixed signs about demand for crude -- supported the upside in crude oil prices in futures trade.
Meanwhile, the American Petroleum Institute said late yesterday that crude inventories fell by 3.3 million barrels last week.
At the Multi Commodity Exchange, crude oil for delivery in September was trading Rs 15, or 0.38%, higher at Rs 3,926 per barrel, with a business turnover of 3,552 lots.
Similarly, oil for delivery in October moved up by Rs 14, or 0.36%, to Rs 3,957 per barrel, with a trade turnover of 191 lots.
Globally, crude for October delivery gained 4 cents to USD 85.48 a barrel on the New York Mercantile Exchange.
