Crude oil futures gain Rs 22 on overseas cues

Crude oil futures recovered by Rs 22 to Rs 2,940 per barrel today as speculators engaged in widening positions amid a firm trend overseas.
In futures trading at the Multi Commodity Exchange, crude oil for delivery this month shot up by Rs 22, or 0.75 per cent, to Rs 2,940 per barrel, with a business turnover of 47,921 lots.
The oil for delivery in September also climbed by Rs 21, or 0.71 per cent, to Rs 2,985 per barrel in a turnover of 2,116 lots.
Analysts said the rise in crude oil futures was largely in tandem with a rebound in Asian trade today after falling steeply in the previous session owing to weak Chinese and US manufacturing and continued worries about the global supply glut.

Meanwhile, West Texas Intermediate crude prices for September delivery rose 31 cents to USD 45.48, while Brent crude for September was up 32 cents to USD 49.84 per barrel in mid-morning trade at the New York Mercantile Exchange.