Crude oil up 0.28% on upbeat global cues

Crude oil prices rose 0.28 percent to Rs 3,905 per barrel in futures trade on July 23  as speculators raised their exposure, tracking a rebound in global markets.

On the Multi Commodity Exchange, crude contracts for August delivery went up by Rs 11, or 0.28 percent, to Rs 3,905 per barrel in a business turnover of 18,091 lots.

Analysts said the rise in crude oil futures was largely in tandem with a firming trend in global trade.

Globally, West Texas Intermediate crude prices rose 1.06 percent to USD 56.22, while international benchmark Brent went up 0.36 percent to USD 63.49 per barrel at the New York Mercantile Exchange.