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Crude oil futures rose Rs 37 to Rs 3,384 per barrel today as speculators were seen widening their positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in July gained Rs 37, or 1.11 per cent, to Rs 3,384 per barrel, with a business turnover of 964 lots.
The oil for delivery in August edged higher by Rs 36, or 1.06 per cent, to Rs 3,431 per barrel, with a business volume of 131 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia on easing concerns about impact of the expected Iranian oversupply in the global market following the country’s historic nuclear deal.
Oil prices initially tumbled yesterday after negotiators from Iran and major world powers announced they had reached a deal to monitor Tehran’s nuclear programme, which the West says will curb its efforts to build a nuclear bomb.
Iran’s compliance with the terms of the agreement will lead to a lifting of crippling western economic sanctions which have restricted its key oil exports.
Meanwhile, West Texas Intermediate crude prices for delivery in August advanced 26 cents to USD 53.29 a barrel and Brent crude for August climbed 10 cents to USD 58.61 in late—morning trade on the New York Mercantile Exchange.
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