Crude oil futures up 0.49% on overseas cues
Crude oil prices hardened by 0.49 per cent to Rs 5,528 per barrel in futures trading Wednesday as speculators created fresh bets, taking positive cues from global market.
At Multi Commodity Exchange, crude oil for delivery in October rose by Rs 27, or 0.49 per cent, to Rs 5,528 per barrel in a business turnover of 1,718 lots.
The oil for delivery in November, too, rose by a similar margin, to Rs 5,536 per barrel in 56 lots.
Analysts said speculators built fresh positions after oil prices rose overseas on expectations of a tighter market once US sanctions start targeting Iran's petroleum industry from next month, although a strong dollar and rising US crude supply curbed gains.
Meanwhile, West Texas Intermediate gained 5 cents to USD 75.28 while Brent crude rose 9 cents, to USD 84.89 per barrel.