Crude oil futures up on overseas cues
Press Trust of India: New Delhi, Dec 17 2012, 13:53 IST
Crude oil futures prices rose by 0.30 per cent to Rs 4,742 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 14, or 0.30 per cent, to Rs 4,742 per barrel, with a business turnover of 5,870 lots.
The oil for January delivery moved up by Rs 13, or 0.27 per cent, to Rs 4,801 per barrel, with a business volume of 1,303 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia on expectations of a hike in Chinese demand after a key survey showed its manufacturing activity hitting a 14-month high in December.
Meanwhile, crude oil for January delivery advanced by 23 cents to USD 86.98 a barrel on the New York Mercantile Exchange.
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