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Crude oil futures prices rose Rs 17 to Rs 3,748 per barrel today after speculators widened their bets, tracking a firming trend in Asia.
At Multi Commodity Exchange, crude oil for delivery in June contracts was trading higher by Rs 17, or 0.46%, at Rs 3,748 per barrel, with a business turnover of 3,517 lots.
The oil for July delivery also moved up Rs 15, or 0.40%, to Rs 3,799 per barrel, with a business volume of 282 lots.
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Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade on a weaker dollar, but gains were capped by concerns about tepid Chinese demand and OPEC's decision to maintain its current output levels.
Meanwhile, West Texas Intermediate crude prices for July delivery rose 24 cents to $58.38 a barrel while Brent for July also gained 23 cents to $62.92 a barrel in late-morning trade on the New York Mercantile Exchange.
