Wednesday, December 23, 2015

Crude oil futures recover to Rs 2,510 per barrel

Crude oil futures rose Rs 13 to Rs 2,510 per barrel today as speculators widened their positions amid a positive trend overseas.

At the Multi Commodity Exchange, crude for delivery in February next year was trading higher by Rs 3 or 0.12 per cent at Rs 2,510 per barrel with a business turnover of 106 lots.

Similarly, the oil for delivery in January also rose Rs 2 or 0.12 per cent to Rs 2,429 per barrel in a turnover of 3,242 lots.

Analysts said the rise in crude oil futures was largely in tandem with a firm trend in Asian trade after the US benchmark WTI overtook its European counterpart Brent in reaction to the lifting of a 40-year US crude exports ban.

Meanwhile, West Texas Intermediate crude prices for February delivery rose 20 cents to $36.34, while Brent for February delivery stood at $36.36 per barrel, up 25 cents above its ending price in London at the New York Mercantile Exchange.

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