Crude oil futures prices rose 0.42% to Rs 5,921

Prices of crude oil futures rose 0.42% to Rs 5,921 per barrel today as profiteers established new positions in the midst of strong tendency in Asia.

In the Multi Commodity Exchange, crude for January delivery traded higher by Rs 25, or 0.42% to Rs 5,986 per barrel, with a business volume of 39 lots.

Similarly, Crude oil December contracts also moved by R 21 or 0.36% to Rs 5,921 per barrel, with a turnover of 1,041 lots.

Market observers said the rise in crude futures was attributed to a strong trend in Asia after the U.S. President Barack Obama said he was not confident that a deal could be reached this week on Iran’s disputed nuclear program.

Meanwhile, crude oil for December delivery gained 31 cents to $ 93.65 a barrel on the New York Mercantile Exchange.

Reported: Business Line