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Crude oil futures prices rose sharply by 1.14 per cent to Rs 6,280 per barrel today as speculators created fresh positions, tracking a firm trend in Asia.
On the Multi Commodity Exchange, crude oil for delivery in July traded higher by Rs 71 or 1.14 per cent to Rs 6,280 per barrel with a business turnover of 11,657 lots. Similarly, the oil for August delivery also moved up by Rs 50 or 0.8 per cent to Rs 6,267 per barrel with a business volume of 2,987 lots.
Market analysts said the rise in crude oil futures was attributed to a firm trend in Asia buoyed by solid gains in US stocks and stronger demand in the world’s biggest economy.
Meanwhile, crude oil for August delivery added 99 cents to $104.52 a barrel on the New York Mercantile Exchange in the morning trade.
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