Crude oil prices moved up by Rs 55 to Rs 4,313 per barrel in futures trade on Tuesday as speculators enlarged their positions amid a firming global trend.
Trading sentiments turned better after oil advanced in New York as concerns eased that Greece will default on its debt and disrupt Europe’s economy, and before a report that may show U.S. crude stockpiles dropped for a third week.
At the Multi Commodity Exchange, crude oil for delivery in August moved up by Rs 55, or 1.29 per cent, to Rs 4,313 per barrel, with a business turnover of 1,569 lots.
Similarly, the oil for delivery in July gained Rs 52, or 1.23 per cent, to Rs 4,263 per barrel in 19,868 lots.
Market analysts said fresh buying by speculators in tandem with a firming global trend mainly pushed up crude oil futures prices.
Meanwhile, crude oil for July delivery rose 65 cents to USD 93.91 a barrel on the New York Mercantile Exchange.