Crude oil futures climb to Rs 7,404 per barrel

Crude oil futures rose 0.37 per cent to Rs 7,404 per barrel on the Multi Commodity Exchange amid rising geopolitical tensions in West Asia. Global benchmark crude prices also advanced as markets tracked developments involving Iran and Israel

New Delhi: Crude oil prices on Friday rose 0.37 per cent to Rs 7,404 per barrel in futures trade amid uncertainties arising from the West Asia crisis.

On the Multi Commodity Exchange, crude oil contracts for August delivery traded higher by Rs 27, or 0.37 per cent, at Rs 7,404 per barrel in a business turnover of 13,250 lots.

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Analysts said crude oil prices moved higher in futures trade amid escalating tensions in West Asia after Iran fired missiles at Tel Aviv in retaliation for Israel’s actions in Lebanon.

Globally, West Texas Intermediate crude was trading 0.49 per cent higher at USD 77.67 per barrel, while Brent crude rose 0.81 per cent to USD 83.16 per barrel in New York.