Crude futures surge on global cues
Crude oil rose by 1.65 per cent in futures market in early trade today as stockists enlarged their holdings amid a firming trend in global markets.
By PTI |
NEW DELHI: Crude oil rose by 1.65 per cent in futures market in early trade today as stockists enlarged their holdings amid a firming trend in global markets.
"A rising trend in global markets reduced stockpiles and boosted its demand among traders," said a commodity trader Harish Anand.
Crude oil rose to a record above $144 a barrel in New York after US stockpiles fell unexpectedly to their lowest since January.
At 1200 hrs, the crude oil for September contract rose by 1.65 per cent to Rs 6,289 per barrel on the Multi Commodity Exchange, in a trading volume of two lots. For July contract, it gained 1.51 per cent to Rs 6,240 per barrel in trading of 5861 lots.
The crude in the overseas markets rose to a new peak of $144.57 a barrel.
"A rising trend in global markets reduced stockpiles and boosted its demand among traders," said a commodity trader Harish Anand.
Crude oil rose to a record above $144 a barrel in New York after US stockpiles fell unexpectedly to their lowest since January.
At 1200 hrs, the crude oil for September contract rose by 1.65 per cent to Rs 6,289 per barrel on the Multi Commodity Exchange, in a trading volume of two lots. For July contract, it gained 1.51 per cent to Rs 6,240 per barrel in trading of 5861 lots.
The crude in the overseas markets rose to a new peak of $144.57 a barrel.
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