Crude oil prices rise 1.04 pc on possible OPEC deal

Crude oil prices rose by 1.04 per cent to Rs 3,311 per barrel in the futures market today on speculative buying following positive cues from Asian markets.
At the Multi Commodity Exchange, the June month contract of crude oil rose by Rs 34, or 1.04 per cent, to Rs 3,311 per barrel in a business turnover of 2,024 lots.
The far-month July contract was up by Rs 34, or 1.03 per cent, to Rs 3,339 per barrel.
Analysts said speculators built fresh positions after oil prices climbed toward USD 51 a barrel, boosted by growing hopes that an OPEC-led output cut will be extended by another nine months.

Meanwhile, West Texas Intermediate was up 0.79 per cent to USD 50.73 while Brent crude gained 0.78 per cent to USD 54.03 a barrel.