Crude oil futures rise Rs 96 to Rs 5,342/barrel amid US-China trade worries

New Delhi, Oct 13 (PTI) Crude oil prices on Monday rose Rs 96 to Rs 5,342 per barrel in the domestic futures trade, tracking firm global cues as renewed tensions between the US and China stoked concerns over growth and supply chains.

On the Multi Commodity Exchange (MCX), crude oil futures for October delivery increased by Rs 96, or 1.83 per cent, to Rs 5,342 a barrel in a business turnover of 10,926 lots.

Similarly, the November contract for crude oil futures traded higher by Rs 70, up 1.34 per cent, to Rs 5,308 a barrel in 9,764 lots.

In the international markets, West Texas Intermediate (WTI) crude for November delivery was up 1.88 per cent at USD 60.01 per barrel, and Brent crude for December delivery rose nearly 2 per cent to USD 63.84 per barrel in New York.

According to commodities market experts, crude oil prices rebounded by nearly 2 per cent to USD 60 per barrel after US President Donald Trump on Friday threatened to impose an additional 100 per cent tariffs on Chinese exports and introduce new export controls on critical software from November 1.

Meanwhile, Beijing on Sunday cautioned Washington that it would take retaliatory measures if Trump goes ahead with his threat to impose tariffs on Chinese imports.

"The warning from China comes amid heightened tensions between the two largest economies, with global investors fearing another bout of trade war turmoil that could rattle financial markets and disrupt supply chains," an expert said.

"Crude oil prices tumbled last week, hitting a five-month low after the US President threatened to impose 100 per cent tariffs on China," said Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd. PTI DR HG DR DR