Crude oil up in futures trade on overseas cues

Crude oil futures rose sharply higher by Rs 34 to Rs 2,971 per barrel today as speculators went about creating positions amid a firm trend overseas.
In futures trading at the Multi Commodity Exchange, crude oil for delivery in May was up by Rs 34, or 1.16 per cent, at Rs 2,971 per barrel, with a business turnover of 14,200 lots.
The oil for delivery in far-month June gained Rs 31, or 1.03 per cent, to Rs 3,043 per barrel, in a turnover of 600 lots.
Analysts said the rise in crude oil futures was largely in tandem with a firming trend in Asia where it extended gains as traders await a report on US stockpiles.

Meanwhile, US benchmark West Texas Intermediate crude prices for delivery in June was up 42 cents, or 0.95 per cent, at USD 44.46 and Brent crude for June rose 48 cents, or 1.05 per cent, to USD 46.22 a barrel.