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Crude oil rose by Rs 10 to Rs 2,841 per barrel in futures market on Thursday as speculators indulged in creating speculative positions, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in August was trading higher by Rs 10, to Rs 2,841 per barrel, in a business turnover of 5,023 lots.
Likewise, the oil for delivery in far-month September gained Rs 6, to Rs 2,903 per barrel in 173 lots.
Analysts said speculative positions created by traders as oil prices edged up in Asia today after slumping for five-straight sessions to a three-month low after a surprise jump in US stockpiles built on increasing worries about a global supply glut, influenced crude futures.
US energy department data showed yesterday that inventories were 13.4% higher on-year, while gasoline stocks were up 11.8 per cent, indicating demand remains weak as the peak holiday driving season comes to a close.
The news sent Brent tumbling three percent and West Texas Intermediate more than two per cent down to sit at levels not seen since April, with both contracts now down about a fifth from their 2016 highs above $50 early last month.
Meanwhile, West Texas Intermediate for June delivery gained 8 cents to $42 while global benchmark Brent was up six cents to $43.53 a barrel.
