New Delhi | Crude oil futures rose by Rs 20 to Rs 2,634 per barrel Thursday as speculators widened their positions amid a mixed trend overseas.
In futures trading at Multi Commodity Exchange, crude for delivery in January next year was trading higher by Rs 20, or 0.77 per cent, to Rs 2,634 per barrel, with a business turnover of 180 lots. The oil for delivery in December also increased to Rs 15, or 0.60 per cent, to Rs 2,511 per barrel in a turnover of 2,175 lots.
Analysts said the rise in crude oil futures was largely in tandem with a firm trend in Asian trade following signs of a slight improvement in US demand but concerns that an oversupply will persist past next year kept the commodity struggling at multi-year lows.
Meanwhile, West Texas Intermediate crude prices for January delivery rose 23 cents to USD 37.39 while Brent for January was trading 33 cents higher at USD 40.44 per barrel at the New York Mercantile Exchange.
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