 "Crude oil futures rise 0.49% on overseas cues")
Crude oil futures rose by 0.49 per cent to Rs 3,358 per barrel today as speculators created fresh positions amid a firming trend in Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 16, or 0.49 per cent, to Rs 3,358 per barrel, with a business turnover of 2,016 lots.
The May contract moved up by Rs 12, or 0.38 per cent, to Rs 3,475 per barrel, with a business volume of 207 lots.
US benchmark West Texas Intermediate for May delivery gained 26 cents to $53.55 and Brent crude for May rose 43 cents to $58.86 in late-morning trade after a bullish US stockpiles report raised hopes of resurgent demand in the world's top crude consumer.
Meanwhile, West Texas Intermediate crude oil for delivery in May advanced by 26 cents at $53.55, while Brent crude for the same month gained 43 cents to USD 59.86 a barrel in late-morning trade on the New York Mercantile Exchange.
At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 16, or 0.49 per cent, to Rs 3,358 per barrel, with a business turnover of 2,016 lots.
The May contract moved up by Rs 12, or 0.38 per cent, to Rs 3,475 per barrel, with a business volume of 207 lots.
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Analysts said the rise in crude oil futures was largely in tune with a firming trend in Asian markets where it rose for the fifth straight trading day following forecasts that US shale production could decline and help ease a global supply glut.
US benchmark West Texas Intermediate for May delivery gained 26 cents to $53.55 and Brent crude for May rose 43 cents to $58.86 in late-morning trade after a bullish US stockpiles report raised hopes of resurgent demand in the world's top crude consumer.
Meanwhile, West Texas Intermediate crude oil for delivery in May advanced by 26 cents at $53.55, while Brent crude for the same month gained 43 cents to USD 59.86 a barrel in late-morning trade on the New York Mercantile Exchange.