Crude oil price rises 0.44%, as investors widen position

Analysts said the rise in crude oil futures was largely due to raising of bets by participants in the domestic markets.

crude-oil-price-rises-044-percent-as-investors-widen-position

By Aalok Sensharma
Fri, 10 May 2019 01:33 PM (IST)

Source:JND

New Delhi| PTI| Crude oil prices raised by 0.44 percent to ₹4,346 per barrel in futures trade on Friday as speculators widened their bets in tandem with a steady trend overseas.

On the Multi Commodity Exchange, crude contracts for delivery in May rose by ₹19, or 0.44 percent, to ₹4,346 per barrel with a business turnover of 15,255 lots.

Globally, oil prices gathered steam as investors pinned hopes on renewed prospects of a breakthrough in Sino-US trade talks.

Meanwhile, West Texas Intermediate crude prices rose 0.73 percent to USD 62.15, while Brent crude, the international benchmark, rose 0.53 percent to USD 70.76 a barrel at the New York Mercantile Exchange.