Moneycontrol
Dec 01, 2016 11:36 AM IST IST | Source: PTI

Crude oil futures surge 1.24% on overseas cues

In futures trading at the Multi Commodity Exchange, crude oil for December delivery was trading fhigher by Rs 42, or 1.24 percent at Rs 3,419 per barrel in 7,659 lots.


Crude oil futures rose sharply by 1.24 percent to Rs 3,419 per barrel today as speculators raised their bets amid a firm trend overseas.


In futures trading at the Multi Commodity Exchange, crude oil for December delivery was trading fhigher by Rs 42, or 1.24 percent at Rs 3,419 per barrel in 7,659 lots.


On similar lines, crude for delivery in January was trading higher by Rs 41, or 1.19 percent at Rs 3,489 per barrel in a business turnover of 3,489 lots.


Analysts said rise in crude oil futures was largely in tandem with a firming trend in global market after the OPEC oil cartel reached a deal today to reduce its output for the first time in eight years.

Meanwhile, at the US benchmark West Texas Intermediate crude prices surged 9.3 percent to USD 49.44 a barrel, the biggest one-day gain since February 12 and Brent crude climbed 8.82 percent, to USD 50.47 a barrel.

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