Crude oil rose 0.95 per cent to Rs 3,075 per barrel in futures market on Thursday as speculators widened their bets, taking positive cues from the Asian markets. At the Multi Commodity Exchange, crude oil for delivery in October was trading higher by Rs 29 or 0.95 per cent to Rs 3,075 per barrel in a business turnover of 4,061 lots.
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Likewise, the oil for delivery in November gained Rs 28 or 0.90 per cent to Rs 3,129 per barrel in 98 lots.
Analysts said speculative positions built up by traders after crude oil prices climbed in Asian markets on Thursday, building on the previous day’s gains following a bigger-than-forecast fall in US stockpiles, and a plunge in the dollar after the Federal Reserve kept interest rates on hold, influenced crude futures here.
The commodity rallied Wednesday after the US Department of Energy said inventories had tumbled by more than six million barrels last week, almost twice as much was expected, indicating a pick-up in demand in the world’s top economy.
Meanwhile, West Texas Intermediate was up 45 cents to $45.79, while global benchmark Brent added 48 cents to $47.31 a barrel. Both contracts climbed more than two per cent Wednesday.
The gains were given extra momentum by the a weaker dollar, which makes oil cheaper for people holding other currencies.