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Crude oil prices climbed by Rs 48 to Rs 2,618 per barrel today as speculators widened their positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in February gained Rs 48 or 1.87 per cent to Rs 2,618 per barrel with a business turnover of 186 lots.
Similarly, the oil for January delivery shot up by Rs 41 or 1.65 per cent to Rs 2,521 per barrel with a business volume of 3,399 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a firm trend in Asia after crude kingpin Saudi Arabia cut the diplomatic ties with Iran following a row over Tehran’s execution of a Shiite cleric.
Saudi Arabia had announced the decision yesterday, a day after protesters ransacked its embassy in Tehran over the execution of a Shiite cleric.
Meanwhile, West Texas Intermediate crude for February advanced by 48 cents or 1.3 per cent to $37.52, while Brent crude for February delivery rose 61 cents or 1.64 per cent to USD 37.89 a barrel on the New York Mercantile Exchange.
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