NEW DELHI, Oct 12: Crude oil futures rose Rs 49 to Rs 3,254 per barrel today after speculators widened their bets, tracking a firming trend in Asia.
At Multi Commodity Exchange, crude oil for delivery in current month contract was trading higher by Rs 49 or 1.53 per cent at Rs 3,254 per barrel with a business turnover of 3,584 lots.
The oil for November delivery also moved up Rs 46 or 1.41 per cent to Rs 3,307 per barrel with a business volume of 271 lots.
Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade boosted by a weaker dollar and expectations a rise in demand will ease a global supply glut, while investors await the release of key Chinese economic data this week.
Meanwhile, West Texas Intermediate crude prices for November delivery rose 0.93 percent to USD 50.09 a barrel while Brent for November also gained 0.78 per cent to USD 53.06 a barrel in late-morning Asian trade on the New York Mercantile Exchange. (PTI)
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