Crude oil futures climb to Rs 3,172 per barrel

New Delhi, Aug 10:  

Crude oil futures rose 0.48 per cent to Rs 3,172 per barrel today as speculators raised bets amid a firm trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in August was trading higher by Rs 15 or 0.48 per cent at Rs 3,172 per barrel in 5,184 lots.

On similar lines, crude for delivery in September was trading higher by Rs 14 or 0.44 per cent at Rs 3,194 per barrel in a business turnover of 193 lots.

Analysts said rise in crude oil futures was largely in tandem with a firm trend in global market as data showed a sharp decline in supplies of US crude.

Report from the Energy Information Administration (EIA) showed crude stockpiles fell by more than expected last week, pointing to an uptick in refinery activity. EIA reported that US crude oil inventories fell 6.5 million barrels to 1.15 billion barrels.

Meanwhile, the US benchmark West Texas Intermediate crude price was up 1 cent at $49.57 a barrel and Brent crude, used to price international oils, added 4 cents to $52.74 a barrel.

(This article was published on August 10, 2017)

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