Crude oil futures up on steady trend in Asia

Crude oil futures rose by 0.65 per cent to Rs 2,482 per barrel today as speculators created positions amid a steady trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 16, or 0.65 per cent, to Rs 2,482 per barrel, with a business turnover of 234 lots.
The oil for delivery in March moved up Rs 15, or 0.64 per cent, to Rs 2,356 per barrel, with a business volume of 5,991 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a steady trend in Asia despite a rise in the US inventories with traders hoping that talks among major producers could lead to an output cap.

According to the US Energy Information Administration (EIA) data, oil production fell to just over nine million barrels per day in the week to February 26 although inventories rose an expected 10.4 million.
Meanwhile, West Texas Intermediate crude prices for delivery in April advanced five cents to USD 34.71 a barrel while Brent for May was 6 cents down at USD 36.87 on the New York Mercantile Exchange.