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  1. Crude oil futures up 0.78%, tracking positive Asian cues

Crude oil futures up 0.78%, tracking positive Asian cues

Crude oil rose 0.78 per cent to Rs 3,371 per barrel in futures market today as speculators widened their bets, taking positive cues from the Asian markets.

By: | New Delhi | Published: June 8, 2016 12:54 PM
oil Crude oil rose 0.78 per cent to Rs 3,371 per barrel in futures market today as speculators widened their bets, taking positive cues from the Asian markets. (Reuters)

Crude oil rose 0.78 per cent to Rs 3,371 per barrel in futures market today as speculators widened their bets, taking positive cues from the Asian markets.

At the Multi Commodity Exchange, crude oil for delivery this month was trading higher by Rs 26 or 0.78 per cent to Rs 3,371 per barrel in a business turnover of 2,706 lots.

Likewise, the oil for delivery in July gained Rs 25 or 0.74 per cent to Rs 3,420 per barrel in 276 lots.

Analysts said speculative positions built up by traders after crude oil prices held above USD 50 in Asia as traders awaited the US inventory data and the dollar remained weak, boosting demand for the commodity, influenced crude futures here.

The market is expecting the US Department of Energy weekly crude inventory numbers to drop further after recent losses, with an anticipated fall of 3.25 million barrels.

Meanwhile, West Texas Intermediate for July delivery gained 11 cents at USD 50.47 while global benchmark Brent was up three cents at USD 51.47 a barrel.

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Tags: Crude Oil

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