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Crude futures marginally up on overseas trend

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Press Trust of India New Delhi

Crude oil futures edged up marginally by 0.6%, as speculators enlarged their positions, supported by a firming trend overseas.

At the Multi Commodity Exchange, April crude oil rose by Rs 3, or 0.06%, to Rs 5,219 per barrel, with a business turnover of two lots.

The February delivery gained Rs 1, or 0.02%, to Rs 5,161 per barrel, with a trading volume of 1,001 lots.

Analysts attributed the rise in crude oil prices at futures trade to a firming trend in Asian trade on fresh worries over tension between Western powers and major producer Iran.

Meanwhile, crude oil for February delivery rose by 89 cents to $99.59 a barrel on the New York Mercantile Exchange.

 

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First Published: Jan 17 2012 | 11:29 AM IST

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