Crude oil futures up 0.63% on overseas cues

Crude oil futures rose 0.63 per cent to Rs 3,542 per barrel today as speculators raised their bets amid a firm trend overseas.
In futures trade at the Multi Commodity Exchange, crude oil for delivery in November was trading higher by Rs 22, or 0.63 per cent, at Rs 3,542 per barrel in 3,843 lots.
On similar lines, crude for delivery in December rose Rs 21, or 0.59 per cent, at Rs 3,564 per barrel, in a business turnover of 115 lots.
Analysts said the rise in crude oil futures was largely in tandem with a firming trend in global market, as supply cuts by Organisation of the Petroleum Exporting Countries (OPEC) and other major exporters tightened the market despite higher production in the United States.

OPEC decided to extend cuts in oil output by nine months to March 2018. The producer group is coping with a global glut of crude oil after seeing prices halved and revenues drop sharply in the recent past.
Meanwhile, the US benchmark West Texas Intermediate crude prices rose 31 cents, or 0.57 per cent, to USD 54.85 barrel and Brent crude added 24 cents, or 0.40 per cent, to USD 60.86 a barrel.