Crude oil futures surge 1.24 pc on overseas cues

Crude oil futures rose sharply by 1.24 per cent to Rs 3,419 per barrel today as speculators raised their bets amid a firm trend overseas.
In futures trading at the Multi Commodity Exchange, crude oil for December delivery was trading higher by Rs 42, or 1.24 per cent at Rs 3,419 per barrel in 7,659 lots.
On similar lines, crude for delivery in January was trading higher by Rs 41, or 1.19 per cent at Rs 3,489 per barrel in a business turnover of 3,489 lots.
Analysts said rise in crude oil futures was largely in tandem with a firming trend in global market after the OPEC oil cartel reached a deal today to reduce its output for the first time in eight years.

Meanwhile, at the US benchmark West Texas Intermediate crude prices surged 9.3 per cent to USD 49.44 a barrel, the biggest one-day gain since February 12 and Brent crude climbed 8.82 per cent, to USD 50.47 a barrel.