Crude oil futures up on positive cues

Oil-

On the Multi Commodity Exchange, crude for delivery in July contracts was trading higher by Rs 29, or 0.73 per cent, at Rs 4,022 per barrel in a business turnover of 16,302 lots.

 

U.S. President Donald Trump’s administration renewed sanctions against Iran last year over its nuclear programme, although some buyers were allowed to continue taking limited volumes of Iranian oil under a six-month waiver.

Crude oil prices rose by Rs 29 to Rs 4,022 per barrel in futures market Tuesday as speculators created fresh positions, taking positive cues from domestic markets.

crude for delivery in July contracts was trading higher by Rs 29, or 0.73 per cent, at Rs 4,022 per barrel in a business turnover of 16,302 lots.

Analysts said speculative positions created by traders led to the rise in oil prices.

However, West Texas Intermediate dropped 0.43 per cent to USD 57.65, while global benchmark Brent was up 0.51 per cent to USD 64.53 per barrel.

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