NEW DELHI, Aug 29: Crude oil futures spurted by Rs 29 to Rs 2,999 per barrel today after participants widened their bets, tracking a firming trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in September contracts was trading higher by Rs 29 or 0.98 per cent at Rs 2,999 per barrel with a business turnover of 6,645 lots.
The crude for October delivery also moved up Rs 28 or 0.93 per cent to Rs 3,035 per barrel with a business volume of 221 lots.
Marketmen attributed the rise in crude oil futures to a firming trend in global markets after monster storm Harvey slammed into a key US oil-producing region disrupting output amid the devastation, but crude stocks are high enough that the impact on the industry should be short-lived.
Meanwhile, West Texas Intermediate crude prices rose 0.45 per cent to trade at USD 46.78 a barrel while Brent crude was up 0.40 per cent, at USD 52.10 on the New York Mercantile Exchange. (PTI)
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