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Crude oil futures prices rose 0.9 per cent to Rs 3,486 per barrel today as speculators created fresh positions amid a firm trend in Asian market.
On the Multi Commodity Exchange, crude oil for delivery in February gained Rs 31 or 0.9 per cent to Rs 3,486 per barrel with a business turnover of 332 lots.
Similarly, the oil for January delivery moved up by Rs 30 or 0.88 per cent to Rs 3,430 per barrel with a business volume of 6,441 lots.
The rise in crude oil futures was due to a firm trend in Asian trade during the first session of the New Year, as dealers welcomed a larger-than-expected drop in US crude stockpiles, analysts said.
Meanwhile, West Texas Intermediate crude oil for February delivery advanced by 80 cents to $54.07 a barrel, while Brent crude for February delivery gained 71 cents to $58.04 a barrel in mid-morning trade on the New York Mercantile Exchange.
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