Crude oil futures climb 2.79% on upbeat Asian cues

Crude oil surged 2.79 per cent to Rs 2,982 per barrel in futures market today as speculators indulged in creating speculative positions, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in current month was trading higher by Rs 81, or 2.79 per cent, to Rs 2,982 per barrel, in a business turnover of 4,613 lots.
Likewise, the oil for delivery in June shot up by Rs 70, or 2.36 per cent, to Rs 3,037 per barrel in 218 lots.
Analysts said speculative positions built-up by participants after oil prices climbed in Asia today with Brent breaching USD 45 a barrel as raging wildfires threatened to cut Canadian output and a decline in the US crude production also boosted the commodity, influenced crude futures here.

News of the Canada fires came as official data showed that the US oil output sank last week by more than 1,00,000 barrels a day to 8.83 million barrels per day, its lowest level since September 2014.
Meanwhile, West Texas Intermediate for June delivery gained 96 cents, or 2.19 per cent, to USD 44.74 while global benchmark Brent for July climbed 80 cents, or 1.79 per cent, to USD 45.42 a barrel.