Crude oil futures up Rs 13 fuelled by global cues

New Delhi, July 25

Crude oil futures spurted by Rs 13 to Rs 3,010 per barrel on Tuesday after participants widened their bets tracking a firming trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in August was trading higher by Rs 13 or 0.43 per cent at Rs 3,010 per barrel with a business turnover of 1,881 lots.

The September contract also moved up by a similar margin to trade at Rs 3,033 per barrel with a business volume of 1,881 lots.

Marketmen attributed the rise in crude oil futures to a firming trend overseas where it bounced back and surged after OPEC producer Saudi Arabia pledged to lower crude exports in August, while Nigeria agreed to curb production.

Meanwhile, West Texas Intermediate crude prices for August delivery soared 1.30 per cent to trade at USD 46.34 a barrel while Brent crude was up 1.21 at USD 48.64 on the New York Mercantile Exchange. PTI