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This is an archive article published on April 7, 2010

Crude oil futures up on better global trend

Crude oil futures prices rose by Rs 18 to Rs 3,887 per barrel as traders created fresh positions on the back of firming global trend.

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Crude oil futures prices rose by Rs 18 to Rs 3,887 per barrel as traders created fresh positions on the back of firming global trend.

Trading sentiment turned strong here after reports that crude oil traded near USD 87 a barrel in New York.

Crude oil climbed above USD 87 yesterday for the first time in almost 18 months on reports of growth in American jobs and service industries.

At the Multi Commodity Exchange counter,crude oil for May contract rose by Rs 18,or 0.47 per cent,to Rs 3,887 per barrel with an open interest of 3,089 lots.

The oil for delivery in April also moved up by Rs 17,or 0.44 per cent,to Rs 3,861 per barrel in 16,065 lots.

Market analysts said fresh buying by traders in tandem with a firming global trend mainly led to rise in crude oil prices at futures market.

Meanwhile,crude oil for May delivery was up four cent at USD 86.88 a barrel on the New York Mercantile Exchange.

 

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