Crude oil futures up on positive cues
Analysts said speculative positions created by traders led to the rise in oil prices.
![Ever since the government came to power in 2014, experts pointed out that the lower crude oil prices over the last few years had helped the government to significantly improve Indias macro economic indicators. Ever since the government came to power in 2014, experts pointed out that the lower crude oil prices over the last few years had helped the government to significantly improve Indias macro economic indicators.](https://s3.ap-southeast-1.amazonaws.com/images.asianage.com/images/aa-Cover-p4qmeitcmutu1u2f719she4vq4-20171120012305.Medi.jpeg)
India consumed 211.6 million tonnes of petroleum products in 2018-19, up from 206.2 million tonnes in the previous year.
New Delhi: Crude oil prices rose by Rs 22 to Rs 4,044 per barrel in futures market on Tuesday as speculators created fresh positions, taking positive cues from physical spot market.
On the Multi Commodity Exchange, crude for delivery in August was trading higher by Rs 22, or 0.55 per cent, at Rs 4,044 per barrel in a business turnover of 23,535 lots.
Analysts said speculative positions created by traders led to the rise in oil prices.
Globally, however, West Texas Intermediate was trading lower 0.16 per cent to USD 56.30, while global benchmark Brent was up 0.13 per cent to USD 59.82 per barrel.
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