Crude oil inches up in futures trade

Crude oil futures traded 1.12 per cent higher at Rs 3,064 per barrel today as speculators created positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in November gained Rs 34, or 1.12 per cent, to Rs 3,064 per barrel, with a business turnover of 228 lots.
The oil for delivery in October also moved up by Rs 32, or 1.07 per cent, to Rs 3,011 per barrel, with a business volume of 5,345 lots.
Marketmen said the rise in crude oil futures is largely in tandem with a firming trend in Asia following a fall in US crude production, but concerns over excess global supplies and soft demand continued to cap gains.

West Texas Intermediate crude prices for delivery in November advanced 65 cents to USD 45.74 a barrel and Brent for November rose 43 cents to USD 48.80 in mid-morning trade on the New York Mercantile Exchange.