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Crude oil up on Asian cues

Fresh positions taken by speculators also pushed prices higher

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Press Trust of India New Delhi

Crude oil futures prices today rose by 0.30% to Rs 4,613 per barrel as speculators created fresh positions, tracking a firm trend in Asian trade.

At the MCX, crude oil for delivery in July gained Rs 14, or 0.30%, to Rs 4,613 per barrel, with a business turnover of 4,644 lots.

The August contract moved up by Rs 12, or 0.26%, to Rs 4,657 per barrel, with a business turnover of 358 lots.

Market analysts said the rise in crude oil futures was mainly due to a firming trend in Asian trade on positive US data and a strike by oil workers in Norway.

Meanwhile, crude oil for July delivery gained 38 cents to $80.59 a barrel on the New York Mercantile Exchange.

 

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First Published: Jun 28 2012 | 1:08 PM IST

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