Crude oil marginally up in futures trade on overseas cues

NEW DELHI: Crude oil futures prices today recovered marginally by 0.07 per cent to Rs 4,529 per barrel after speculators created fresh positions, tracking a firming trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in July gained Rs 3, or 0.07 per cent, to Rs 4,529 per barrel, with a business turnover of 8,735 lots.

The oil for August delivery moved up by a similar margin to Rs 4,575 per barrel, with a business volume of 475 lots.

Market analysts attributed the recovery in crude oil futures to a firming trend in Asian trade after a tropical storm spared production facilities in the Gulf of Mexico and euro-zone worries resurfaced.

Meanwhile, crude oil for the August delivery advanced by 12 cents to USD 79.33 a barrel on the New York Mercantile Exchange.