New Delhi | Crude oil rose 1.26 per cent to Rs 2,415 per barrel in futures market Tuesday as speculators created fresh bets, taking positive cues from Asian markets.
At Multi Commodity Exchange, crude oil for delivery in January next year recovered by Rs 30, or 1.26 per cent, to Rs 2,415 per barrel, in a business turnover of 337 lots. Likewise, the oil for delivery in far-month February traded higher by Rs 23, or 0.93 per cent, to Rs 2,500 per barrel in 14,785 lots.
Analysts said speculators built fresh positions after oil prices rebounded in Asia today, with Brent bouncing from an 11-year low was investors await a closely watched US crude inventory report. This mainly led to rise in crude oil prices in futures trade.
Meanwhile, West Texas Intermediate for February, a new contract was 29 cents higher at USD 36.10 while Brent crude for February was at USD 36.56, up 21 cents from its closing level of USD 36.35 yesterday, which was the lowest since July 2004. Brent slumped yesterday on speculation suppliers from the Middle East to the United States will continue pumping, exacerbating the surplus as they fight for market share.
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