Crude oil futures rise on positive global cues

Crude oil prices went up by 0.22 percent to Rs 5,023 per barrel in futures market today as participants raised bets, tracking a firm trend in the global markets.

At the Multi Commodity Exchange, crude oil for delivery in September month moved up by Rs 11, or 0.22 percent to Rs 5,023 per barrel in a business turnover of 19,378 lots.

Similarly, the oil for delivery in October contracts traded higher by Rs 10, or 0.20 percent to Rs 5,012 per barrel in 373 lots.

Marketmen said sentiment bolstered after US oil prices rose on Tuesday, breaking past USD 70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.

Meanwhile, West Texas Intermediate crude prices rose 0.82 percent to USD 70.37 a barrel while Brent crude edged up 0.13 percent, to USD 78.25 a barrel on the New York Mercantile Exchange.

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