Moneycontrol
Last Updated : Jan 09, 2019 12:39 PM IST | Source: PTI

Crude oil futures soar 2.65% on global cues

At the Multi Commodity Exchange, crude oil for delivery in February was trading higher by Rs 93, or 2.65 percent, to Rs 3,604 per barrel in a business turnover of 431 lots.

Crude oil futures traded sharply higher by 2.65 percent at Rs 3,604 per barrel in futures market Wednesday as speculators raised bets, taking positive cues from global market.

At the Multi Commodity Exchange, crude oil for delivery in February was trading higher by Rs 93, or 2.65 percent, to Rs 3,604 per barrel in a business turnover of 431 lots.

Likewise, the oil for delivery in January rose by Rs 90, or 2.59 percent, to Rs 3,564 per barrel in 14,285 lots.

Analysts said, speculators created fresh positions on the back of a firm trend overseas where crude surged, supported by rising hopes that the US and China would strike a deal to end their trade war.

Besides, oil prices have also been rising following supply cuts started at the end of 2018 by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia, they added.

Meanwhile, West Texas Intermediate gained 1.57 percent, to $50.56 per barrel, while Brent crude, used to price international oils, climbed 1.33 percent at $59.50.
First Published on Jan 9, 2019 12:33 pm
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