Crude oil demand growth to remain stable

Kolkata: Facts first. Crude oil prices rose 0.61 per cent to Rs 4,157 per barrel in futures trade on July 12 as speculators raised their exposure, tracking a rebound in global markets. On the Multi Commodity Exchange, crude for July delivery went up by Rs 25, or 0.61 per cent, to Rs 4,157 per barrel in a business turnover of 23,863 lots. Analysts were not surprised at this at all. They said that the rise in crude oil futures was largely in tandem with a firming trend in global trade. Significantly, West Texas Intermediate crude rose 0.75 per cent to $60.65, while international benchmark Brent was up 0.83 per cent to $67.07 per barrel at the New York Mercantile Exchange.