Crude oil up by 0.7% on Asian cues

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Crude oil rebounded by 0.75% to Rs 2,702 per barrel in futures market today as speculators indulged in widening positions, taking positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in far-month October rose by Rs 20, or 0.75% to Rs 2,702 per barrel in business turnover of 192 lots.

Likewise, the oil for delivery in September contracts traded higher by Rs 18, or 0.69% to Rs 2,628 per barrel in 7,752 lots.

Analysts said speculators built of fresh positions on the back of a firm Asian trend, mainly led to rise in crude oil prices at futures trade.

Meanwhile, West Texas Intermediate for October delivery gained 86 cents to $39.46 while Brent crude for October rose $1.07 to $44.21 in late-morning trade.