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Crude oil prices rose sharply by Rs 62 to Rs 3,279 per barrel in futures trade today as speculators widened their bets after it extended recent rally in Asia.
At Multi Commodity Exchange, crude oil for delivery in October contracts was trading higher by Rs 62, or 1.71%, at Rs 3,279 per barrel, with a business turnover of 8,967 lots.
The oil for November delivery also moved up Rs 55, or 1.68%, to Rs 3,329 per barrel, with a business volume of 910 lots.
Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade on hopes that increasing demand and a decline in US crude production would ease a supply glut that has depressed the market for more than a year.
Meanwhile, West Texas Intermediate crude prices for November delivery climbed 0.49% to $49.67 a barrel, while Brent for November also advanced 0.45% to $53.29 a barrel in late-morning trade on the New York Mercantile Exchange.
