Crude oil futures up Rs 40 a barrel on overseas cues

Crude oil futures rose by Rs 40 to Rs 3,218 per barrel today as speculators raised bets amid positive global cues.
At the Multi Commodity Exchange, crude oil for delivery in current month gained Rs 40, or 1.26 per cent, to Rs 3,218 per barrel, with a business turnover of 4,370 lots.
The oil for April delivery moved up Rs 36, or 1.11 per cent, to Rs 3,267 per barrel, with a business volume of 429 lots.
Market analysts said that the rise in crude oil futures was largely in tune with the firming trend overseas after government data confirmed a surprising drop in US oil inventories.

Meanwhile, West Texas Intermediate crude prices advanced 28 cents, or 0.57 per cent, to USD 49.14, while Brent crude gained 33 cents, or 0.64 per cent at USD 52.14 a barrel on the New York Mercantile Exchange.