Crude oil futures up 0.44% on overseas cues

Crude oil rose 0.44 per cent to Rs 2,951 per barrel in futures market today as speculators created fresh bets, taking positive cues from global market.
At Multi Commodity Exchange, crude oil for delivery in July rose by Rs 13 or 0.44 per cent to Rs 2,951 per barrel in a business turnover of 2,236 lots.
Likewise, the oil for delivery in August traded higher by Rs 12 or 0.40 per cent to Rs 2,979 per barrel in 85 lots.
Analysts said speculators built fresh positions after oil prices recovered in Asia today as data showed US crude and gasoline stockpiles declined. This mainly led to rise in crude oil prices in futures trade here.

Meanwhile, West Texas Intermediate gained 0,.75 per cent to USD 45.47 while Brent crude rose 0.73 per cent to USD 48.14 per barrel.