Monday, October 12, 2015

Crude oil futures jump to Rs. 3,254 per barrel

Crude oil futures rose Rs 49 to Rs 3,254 per barrel today after speculators widened their bets, tracking a firm trend in Asia.

On the Multi Commodity Exchange, crude oil for delivery in October was trading higher by Rs 49 or 1.53 per cent at Rs 3,254 per barrel with a business turnover of 3,584 lots.

Similarly, the oil for November delivery also moved up Rs 46 or 1.41 per cent to Rs 3,307 per barrel with a business volume of 271 lots.

Marketmen attributed the rise in crude oil futures to a firm trend in Asia boosted by a weaker dollar and expectations a rise in demand will ease a global supply glut, while investors await the release of key Chinese economic data this week.

Meanwhile, West Texas Intermediate crude prices for November delivery rose 0.93 per cent to $50.09 a barrel, while Brent for November delivery also gained 0.78 per cent to $53.06 a barrel in late-morning Asian trade on the New York Mercantile Exchange.

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