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Crude oil moves up in futures trade on global cues

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Press Trust of India New Delhi
Last Updated : Jan 20 2013 | 2:17 AM IST

Crude oil prices moved up by Rs 55 to Rs 4,313 per barrel in futures trade today as speculators enlarged their positions amid a firming global trend. 

Trading sentiments turned better after oil advanced in New York as concerns eased that Greece will default on its debt and disrupt Europe's economy, and before a report that may show US. Crude stockpiles dropped for a third week. 

At the Multi Commodity Exchange, crude oil for delivery in August moved up by Rs 55, or 1.29%, to Rs 4,313 per barrel, with a business turnover of 1,569 lots.   

Similarly, the oil for delivery in July gained Rs 52, or 1.23%, to Rs 4,263 per barrel in 19,868 lots. Market analysts said fresh buying by speculators in tandem with a firming global trend mainly pushed up crude oil futures prices.

Meanwhile, crude oil for July delivery rose 65 cents to $93.91 a barrel on the New York Mercantile Exchange.

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First Published: Jun 21 2011 | 2:52 PM IST

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