Crude oil futures surge 0.86 pc on overseas cues

Crude oil futures rose by 0.86 per cent to Rs 3,745 per barrel today as speculators indulged in raising bets amid a firm trend overseas.
In futures trading at the Multi Commodity Exchange, crude oil for December was trading higher by Rs 32, or 0.86 per cent at Rs 3,745 per barrel in 332 lots.
On similar lines, crude for delivery in current month was trading higher by Rs 31, or 0.84 per cent at Rs 3,722 per barrel in a business turnover of 5,761 lots.
Analysts said rise in crude oil futures was largely in tandem with a firming trend in global market where it made rapid gains overnight as geopolitical tensions surged between Saudi Arabia and Iran, sparking fears of a conflict that could disrupt supplies from two major producers.

But prices retreated slightly in early Asian trade today as traders engaged in profit-taking after both products reached levels not seen in over two years.
Meanwhile, at the US benchmark West Texas Intermediate crude prices surged 4 cents to USD 57.39 a barrel while Brent crude was down 8 cents to USD 64.19 a barrel.