NEW DELHI, July 18: Crude oil prices rose by 0.56 per cent to Rs 6,256 per barrel today after participants indulged in creating speculative positions, tracking a firming trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in July traded Rs 35, or 0.56 per cent higher at Rs 6,256 per barrel, with a business turnover of 1,128 lots.
The oil for August also moved up by Rs 25, or 0.40 per cent, to Rs 6,205 per barrel, with a business volume of 154 lots.
Market analysts attributed the rise in crude oil futures to a firming trend in Asia after a Malaysia Airlines plane was reportedly shot down in war-ravaged Ukraine and Israel launched a ground offensive into Gaza, sparking fears of tensions in the crude-rich Middle East.
Meanwhile, US benchmark West Texas Intermediate for delivery in August was up 53 cents to USD 103.72, while Brent crude for September gained 65 cents to USD 108.54 per barrel in late-morning trade. (PTI)
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