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This is an archive article published on April 29, 2010

Crude oil futures rises on global cues

Crude oil prices rose by Rs 30 or 0.81 per cent to Rs 3,728 per barrel in futures trading today on increased buying by traders supported by a firming global trend.

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Crude oil prices rose by Rs 30 or 0.81 per cent to Rs 3,728 per barrel in futures trading today on increased buying by traders supported by a firming global trend.

Trading sentiment boosted as crude oil rose in New York as equities rallied and a report showed US refinery activity surged to its highest in nearly two years.

At the Multi Commodity Exchange,crude oil for May contract rose Rs 30,or 0.81 per cent to Rs 3,728 per barrel,with an open interest of 16,736 lots.

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Similarly,the oil for delivery in June contract moved up Rs 27,or 0.71 per cent to Rs 3,835 per barrel in 4,582 lots.

Market analysts said,increased buying by traders after reports of firming trend in overseas markets mainly led to a rise in crude oil prices at futures trade.

Meanwhile,crude oil for June delivery rose by 38 cents to USD 83.60 a barrel on the New York Mercantile Exchange.

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