Crude oil futures jump 0.99 pc on global cues

Crude oil prices rose by 0.99 per cent to Rs 3,858 per barrel in futures market today in line with firm global trends.
At the Multi Commodity Exchange, crude oil for delivery in January rose Rs 38, or 0.99 per cent, to Rs 3,858 per barrel in a business turnover of 5,635 lots.
The oil for delivery in far-month February also traded higher by a similar margin at Rs 3,868 per barrel in 171 lots.
Traders said raising of bets by speculators, encouraged by a firm trend in Asian trading fue to ongoing supply cuts led by oil cartel OPEC as well as top producer Russia supported the upside in crude oil prices.

Meanwhile, West Texas Intermediate gained 44 cents to USD 60.28 while Brent crude, used to price international oils, added 43 cents at USD 66.59 per barrel.