Crude oil futures surge 1.85 pc on overseas cues

Crude oil futures rose sharply by 1.85 per cent to Rs 3,746 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 was trading higher by Rs 68, or 1.85 per cent at Rs 3,746 per barrel in 4,868 lots.
On similar lines, crude for delivery in January next year rose by Rs 58, or 1.19 per cent at Rs 3,752 per barrel in a business turnover of 114 lots.
Analysts said rise in crude oil futures was largely in tandem with a firming trend in global market as ongoing cuts of piped Canadian crude to the United States added to falling US crude inventories, while expectations of a prolonged OPEC- led production cut also offered support.

Meanwhile, at the US benchmark West Texas Intermediate crude prices surged 85 cents, or 1.5 per cent to USD 57.68 a barrel, and Brent crude climbed 40 cents, or 0.6 per cent, to USD 62.97 a barrel.