Crude oil futures rise 0.32% as investors widen position

Analysts said the rise in crude oil futures was largely due to raising of bets by participants, but a weak trend in global market, capped the gains.

Crude oil prices edged up 0.32 percent to Rs 3,753 per barrel in futures trade Thursday as speculators widened their bets despite a weak trend overseas.

At the Multi Commodity Exchange, crude for delivery in February was up by Rs 12, or 0.32 per cent, to Rs 3,753 per barrel in a business turnover of 6,286 lots.

Analysts said the rise in crude oil futures was largely due to raising of bets by participants, but a weak trend in global market, capped the gains.

Meanwhile, West Texas Intermediate crude prices fell 0.29 per cent to $60.95, while Brent, used to price international oils, was down 0.31 per cent at $60.95 a barrel at the New York Mercantile Exchange.

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