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Crude oil gains 0.66% on global cues

Press Trust of India/New Delhi 21 Aug 12 | 02:45 PM

Crude oil prices rose by Rs 35 to Rs 5,373 per barrel in futures trading today as speculators created fresh positions, tracking a firm global trend.

At the Multi Commodity Exchange, crude oil for delivery in September rose by Rs 35, or 0.66%, to Rs 5,373 per barrel, with a business turnover of 29,721 lots.

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The October contract moved up by Rs 35, or 0.65%, to Rs 5,407 per barrel in 1,915 lots.

Marketmen said fresh buying by speculators in tandem with a firm global trend ahead of a meeting of European leaders on the region's debt crisis, led to the rise in crude oil futures.

Meanwhile, crude for September delivery was up 40 cents at $96.37 a barrel on the New York Mercantile Exchange.

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