Crude oil futures spurt by Rs 81 per barrel

Friday, Feb 26, 2016,11:23 IST By metrovaartha A A A

New Delhi | Crude oil prices rose sharply by Rs 81 to Rs 2,283 per barrel in futures trade today as speculators widened their bets even as it resumed fall in global market. At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 81, or 3.68 per cent, at Rs 2,283 per barrel, with a business turnover of 6,936 lots. The oil for far-month April delivery also moved up Rs 76, or 3.24 per cent, to Rs 2,422 per barrel, with a business volume of 15 lots.

Marketmen attributed the rise in crude oil futures to widening of positions by speculators despite it dropped overseas.

Meanwhile, West Texas Intermediate (WTI) crude prices for April delivery fell nine cents at USD 32.06 per barrel in yesterday’s trade, while Brent for April also lost 18 cents to USD 34.23 a barrel on the New York Mercantile Exchange. Crude prices shot up in late trade yesterday on reports that Venezuela’s oil minister, Eulogio Del Pino, said that his country was preparing to meet in March with other producers to discuss ways to stabilize the market.