Crude oil futures surges by Rs 65 on Asian cues

Crude oil futures spurted by Rs 65, or 1.77 per cent, to Rs 3,733 per barrel today on speculative buying amid a firm trend in Asia.
Crude oil for delivery in June was trading notably higher by Rs 65, or 1.77 per cent to Rs 3,733 per barrel, with a business turnover of 4,545 lots in futures trading at the Multi Commodity Exchange.
The oil for delivery in July month also moved up by Rs 60, or 1.61 per cent, to Rs 3,777 per barrel, with a business volume of 149 lots.
Analysts attributed the rise in crude oil futures to a firming trend in Asian trade today following a mixed US petroleum report that showed a decline in crude and gasoline reserves.

Meanwhile, West Texas Intermediate crude for July delivery rose 66 cents at USD 58.34 a barrel, while Brent crude for July climbed 48 cents to USD 63.06 in late-morning trade at the New York Mercantile Exchange.