NEW DELHI, Aug 5: Crude oil futures surged 0.87 per cent to Rs 3,006 per barrel today as speculators enlarged positions, tracking a firming trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in September gained Rs 26, or 0.87 per cent, to Rs 3,006 per barrel, with a business turnover of 594 lots.
The oil for August delivery moved up by Rs 24, or 0.82 per cent, to Rs 2,959 per barrel, with a business volume of 12,184 lots.
Marketmen attributed rise in crude prices to a firming trend in Asian trade as dealers predicted the latest US crude stockpiles and production data will point towards upbeat demand in the world’s top crude consumer.
Meanwhile, West Texas Intermediate crude prices for September delivery was up 31 cents to USD 46.05, while Brent crude for September, rose 31 cents to USD 50.30 a barrel in late morning trade on the New York Mercantile Exchange. (PTI)
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