Monday, 21 March 2011

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Crude oil futures up on global cues

  • Monday, 21 March 2011
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  • New Delhi, Mar 21 (PTI) Crude oil futures prices shot up by 1.60 per cent to Rs 4,707 per barrel today as traders indulged in enlarging their positions on the back of a firming trend overseas, after Western forces launched air strikes on oil-rich Libya.

    At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 74, or 1.60 per cent, to Rs 4,707 per barrel, clocking a business turnover of 25 lots.

    Similarly, the crude for delivery in March edged up by Rs 67, or 1.47 per cent, to Rs 4,631 per barrel, with a business turnover of 25 lots.

    Analysts attributed the rise in crude oil futures prices to a firm trend in the global market as allied strikes in Libya threatened to prolong the shutdown of supplies from North Africa�s third-biggest producer and renewed concerns that escalating turmoil may disrupt Middle East supplies.

    Meanwhile, crude for delivery in April, today climbed USD 2.28 to USD 103.35 a barrel on the New York Mercantile Exchange.

    (Source: http://in.news.yahoo.com/crude-oil-futures-global-cues-20110320-230400-511.html)

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