Crude oil rebounded by 0.75 per cent to Rs 2,702 per barrel at the futures market today as speculators indulged in widening positions, taking positive cues from Asian markets.
On the Multi Commodity Exchange, crude oil for delivery in far-month October rose Rs 20 or 0.75 per cent to Rs 2,702 per barrel in a business turnover of 192 lots.
Likewise, the oil for delivery in September traded higher by Rs 18 or 0.69 per cent to Rs 2,628 per barrel in 7,752 lots.
Analysts said building up of fresh positions by speculators on the back of a firm Asian trend, mainly led to rise in crude oil prices at the futures trade.
Meanwhile, West Texas Intermediate for October delivery gained 86 cents to $39.46, while Brent crude for October delivery rose $1.07 to $44.21 in late-morning trade.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.