Crude oil rose 0.76 per cent to Rs
4,394 per barrel in futures market today as speculators created fresh bets, taking positive cues from global market.
At Multi Commodity Exchange, crude oil for delivery in July rose by Rs 33 or 0.76 per cent to Rs 4,394 per barrel in a business turnover of 75 lots.
Likewise, the oil for delivery in June traded higher by Rs 32 or 0.74 per cent to Rs 4,383 per barrel in 1,043 lots.
Analysts said speculators built fresh positions after oil prices rebounded in Asia today on expectations that inventories in the US may decline but increasing production and concerns that OPEC may raise output continue to weigh on sentiment. This mainly led to rise in crude oil prices in futures trade here.
Meanwhile, West Texas Intermediate gained 32 cents, or 0.49 per cent, to USD 65.07 while Brent crude rose 14 cents, or 0.19 per cent to USD 75.43 per barrel.
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