Crude oil futures rise 0.44% as investors widen position

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Crude oil prices edged higher by 0.44 per cent to Rs 4,346 per barrel in futures trade on May 10 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 Rs 19, or 0.44 percent, to Rs 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 breakthrough in Sino-US trade talks.

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

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.


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