Crude oil futures surge 0.83 pc on overseas cues

Crude oil futures rose by 0.83 per cent to Rs 3,630 per barrel today as speculators widened positions amid a firm trend overseas.
In futures trading at the Multi Commodity Exchange, crude oil for December delivery was trading higher by Rs 30, or 0.83 per cent at Rs 3,630 per barrel in 62 lots.
On similar lines, crude for delivery in current month was trading higher by Rs 29, or 0.81 per cent at Rs 3,608 per barrel in a business turnover of 1,416 lots.
Analysts said rise in crude oil futures was largely in tandem with a firming trend in global market where prices hit their highest levels since July 2015 as markets tightened, while Saudi Arabias crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.

Meanwhile, at the US benchmark West Texas Intermediate crude prices surged 12 cents, or 0.22 per cent to USD 55.76 a barrel, and Brent crude climbed 20 cents, or 0.30 per cent, to USD 62.27 a barrel.