Crude oil futures firm up on overseas cues

Crude oil futures prices rose by 0.29 per cent to Rs 4,878 per barrel today as speculators created fresh positions amid a firm trend in Asia. At the Multi Commodity Exchange, crude oil for delivery in January gained Rs 14, or 0.29 per cent, to Rs 4,878 per barrel, with a business turnover of 1,066 lots. The oil for December delivery moved up by Rs 12, or 0.25 per cent, to Rs 4,818 per barrel, with a business volume of 15,326 lots.

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Market participants said the rise in crude oil futures was on account of a firm trend in Asia on an unexpected fall in US crude stockpiles. Meanwhile, crude oil for October delivery advanced by 52 cents to USD 87.27 a barrel on the New York Mercantile Exchange.