Crude oil up by 0.5% at Rs 13 per barrel

Speculators widened their bets even as prices dipped in the global market

Crude oil rose by Rs 13 to Rs 2,785 per barrel in futures trade today as speculators widened their bets even as it dipped in the global market.

At the Multi Commodity Exchange, crude oil for delivery in May was trading higher by Rs 13, or 0.47%, at Rs 2,785 per barrel, with a business turnover of 382 lots.

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The oil for April delivery also moved up Rs 11, or 0.41%, to Rs 2,677 per barrel, with a business volume of 2,795 lots.

Marketmen attributed the rise in crude oil futures to widening of positions by speculators despite it dropped overseas but held above $40 per barrel as traders looked forward to a summit of key oil producers next week to discuss freezing output and easing the supply glut.

Meanwhile, West Texas Intermediate (WTI) crude prices for May delivery fell 13 cents, or 0.32%, at $40.236 per barrel, while Brent for June was trading 15 cents, or 0.35%, lower at $42.68 a barrel on the New York Mercantile Exchange.