Crude oil rises 1% in futures trade
Buoyed by a firming global trend, crude oil prices rose by 1.16% to Rs 4,286 per barrel in futures
At the Multi Commodity Exchange, the August delivery rose by Rs 49, or 1.16%, to Rs 4,286 per barrel, with a business turnover of 8,989 lots.
October delivery moved up by Rs 48, or 1.12%, to Rs 4,331 per barrel, with an open interest of 4,283 lots.
Market analysts attributed the rise in crude oil futures prices to a firming global trend after US President Barack Obama announced that US lawmakers have reached a deal to increase the nation’s debt limit and cut the federal deficit, avoiding a default.
Meanwhile, crude for September delivery gained $1.53 to $967.23 a barrel on the New York Mercantile Exchange.
Source : business-standard.com