Crude oil futures up by Rs 47 per barrel on Asian cues

Crude oil spurted by Rs 47 to Rs 2,600 per barrel in futures market today as speculators widened their bets, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in March rose by Rs 47, or 1.84 per cent, to Rs 2,600 per barrel, in a business turnover of 6,758 lots.
Likewise, the oil for delivery in April traded higher by Rs 37, or 1.38 per cent, to Rs 2,717 per barrel in 659 lots.
Analysts said speculators built fresh positions after oil prices rebounded in Asia today but doubts over a planned meeting between producer giants including Russia and Saudi Arabia this month to discuss an output freeze held back gains. This mainly led to rise in the crude oil prices in futures trade here.

Meanwhile, West Texas Intermediate for April delivery gained 43 cents, or 1.14 per cent to USD 38.27 while Brent crude for May added 44 cents, or 1.10 per cent to USD 40.49 a barrel.
Both contracts closed lower yesterday after surging sharply on Wednesday on the back of a US Department of Energy report showing robust demand for gasoline in the world's top oil consumer.