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This is an archive article published on October 17, 2012

Crude oil futures prices up on overseas cues

Crude oil futures prices rose by 0.27 per cent to Rs 4,872 per barrel today.

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Crude oil futures prices rose by 0.27 per cent to Rs 4,872 per barrel today as speculators created fresh positions amid a firm trend in Asia.

At the Multi Commodity Exchange,crude oil for delivery in October gained Rs 13,or 0.27 per cent,to Rs 4,872 per barrel,with a business turnover of 4,410 lots.

The oil for November delivery contracts moved up by Rs 12,or 0.25 per cent,to Rs 4,909 per barrel,with a business volume of 904 lots.

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Marketmen said the rise in crude oil futures was largely supported by a firm trend in Asia after positive developments in Europe following Moody’s decision not to downgrade Spain’s credit rating and positive US economic data.

Meanwhile,crude oil for November delivery advanced by 35 cents to USD 92.44 a barrel on the New York Mercantile Exchange.

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