New Delhi : Crude oil prices edged up 0.05 per cent to Rs 3,784 per barrel in futures market Wednesday as speculators indulged in raising their positions amid positive overseas cues.
At the Multi Commodity Exchange, crude oil for delivery in February was marginally up by Rs 2, or 0.05 per cent, to Rs 3,784 per barrel in a business turnover of 4,659 lots.
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Analysts said speculators enlarging positions on rise in oil prices overseas on steep OPEC production cuts and Saudi’s Arabia’s plan to drop March output by more than half a million barrels per day below its pledge, mainly influenced crude oil prices in futures trade here.
Meanwhile, West Texas Intermediate gained 1.02 per cent to USD 53.64, while Brent crude, the international benchmark, rose 0.96 per cent to USD 63.02 per barrel.