Crude oil futures climb 1.46% on firm global cues

Crude oil prices jumped by 1.46 percent to Rs 4,711 per barrel in futures market today as speculators enlarged their positions, tracking a firm trend overseas.

At Multi Commodity Exchange, crude oil for delivery in August month shot up by Rs 68, or 1.46 percent, to Rs 4,711 per barrel in a business turnover of 2,365 lots.

On similar lines, the oil for delivery in September contracts was trading higher by Rs 60, or 1.30 percent, to Rs 4,680 per barrel in 211 lots.

Analysts said the expansion of positions by participants was in line with a firming trend overseas, where oil prices rose after a report from OPEC confirmed that top exporter Saudi Arabia had cut production to avert looming oversupply.

Meanwhile, West Texas Intermediate rose by 28 cents, or 0.42 percent, to USD 67.48, while Brent crude gained 22 cents, or 0.30 percent, to USD 72.83 per barrel.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)