Crude oil futures rebound on Asian cues

Crude oil futures recovered 0.47 per cent to Rs 2,366 per barrel today as speculators enlarged positions after it rebounded from 12-year lows in Asian.
In futures trading at the Multi Commodity Exchange, crude oil for delivery in February month gained Rs 11, or 0.47 per cent, to Rs 2,366 per barrel, with a business turnover of 109 lots.
The January contracts moved up by Rs 10, or 0.44 per cent, to Rs 2,264 per barrel with a business volume of 1,913 lots.
Analysts attributed recovery in crude futures to a firming trend in Asian trade where it rebounded from 12-year lows but the China-triggered global stock market turmoil and crude oversupply kept investors on edge.

The plunge in Chinese stocks is raising further concerns about the country's economic growth slowdown and its impact on oil demand. China is the world's second biggest economy and top energy consuming nation.
Beijing attempted to reassure markets late Thursday by lifting a circuit breaker system that had led to the suspension of share twice this week.
Meanwhile, West Texas Intermediate crude prices for February delivery was up 45 cents, or 1.35 per cent, at USD 33.72, while Brent crude for February, rose 41 cents, or 1.21 per cent, to USD 34.16 a barrel on the New York Mercantile Exchange.

WTI had hit a low of USD 32.10 at one point yesterday, the weakest since December 2003, while Brent touched USD 32.16, its lowest level since April 2004.