Crude oil futures up 0.73%, tracking positive Asian cues

Crude oil rose 0.73 per cent to Rs 3,333 per barrel in futures market today as speculators widened their bets, taking positive cues from the Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in June was trading higher by Rs 24, or 0.73 per cent, to Rs 3,333 per barrel in a business turnover of 5,483 lots.
Likewise, the oil for delivery in July gained Rs 20, or 0.60 per cent, to Rs 3,375 per barrel in 282 lots.
Analysts said speculative positions built up by traders after crude oil prices edged towards USD 50 a barrel in Asia today after a larger-than-expected dip in the US stockpiles resulting from wildfires that have disrupted oil production in Canada, influenced sentiments at futures trade here.

Meanwhile, West Texas Intermediate for July delivery gained 62 cents, or 1.28 per cent, to USD 49.24 while global benchmark Brent was up 55 cents, or 1.13 per cent, to USD 49.16 a barrel.
Crude prices have rebounded after plunging to a near 13-year low below USD 30 a barrel in February amid abundant global supplies. But, they are still well short of the peak of more than USD 100, reached in June 2014.
There are concerns that a strong dollar -- bolstered by talk of the Federal Reserve raising interest rates as soon as June -- and Canadian producers coming back online may curb gains.