Maintaining its upward trend, crude oil rose 0.77 per cent to Rs 4,836 per barrel in futures trade on Thursday, 10 May, as speculators engaged in enlarging positions, tracking a firm trend overseas.
Crude oil for delivery in May was trading higher by Rs 37, or 0.77 per cent to Rs 4,836 per barrel in a business turnover of 1,626 lots.
In a similar fashion, the oil for delivery in June contract was trading higher by Rs 36, or 0.75 per cent to Rs 4,842 per barrel in 58 lots.
Crude oil prices were quoting above $77 a barrel today for the second day in a row after US President Donald Trump’s decision to pull out of a nuclear deal with Iran, analysts said.
Meanwhile, West Texas Intermediate rose 57 cents, or 0.80 per cent, to $71.71 per barrel on the New York Mercantile Exchange. Brent crude went up by 58 cents, or 0.75 per cent to $77.79 a barrel.