Crude Oil Futures Gain on Firm Global Cues
NEW DELHI: Crude oil prices rose by Rs 101 to Rs 8,861 per barrel in futures trade on Tuesday, tracking positive global trends amid heightened concerns over possible supply disruptions.
On the Multi Commodity Exchange (MCX), crude oil futures for September delivery gained Rs 101, or 1.15 per cent, to Rs 8,861 per barrel, with a business turnover of 4,982 lots.
Analysts said increased buying interest and fresh bets by market participants supported the rise in crude oil futures. Globally, oil prices also advanced amid escalating tensions in the Middle East, which raised concerns over potential disruptions to crude supplies.
The gains in domestic crude futures came as international benchmarks also moved higher, with Brent crude rising to around $98 a barrel on Tuesday.
