Crude oil prices rose by 0.51 per cent to Rs 4,698 per barrel in futures market today as participants raised bets, tracking a firm trend in the global markets.
At the Multi Commodity Exchange, crude oil for delivery in August month moved up by Rs 24, or 0.51 per cent, to Rs 4,698 per barrel in business turnover of 1,474 lots.
Likewise, the oil for delivery in September contracts was trading higher by Rs 22, or 0.47 per cent to Rs 4,664 per barrel in 318 lots.
Marketmen said sentiment turned better after oil prices inched up in global markets as US sanctions against Iran pointed towards a tighter market, although concerns over slowing economic growth amid global trade tensions kept a lid on gains.
Meanwhile, West Texas Intermediate crude prices went up by 16 cent to USD 67.79 a barrel while Brent crude edged up by 7 cent to USD 72.88 a barrel on the New York Mercantile Exchange.
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