 "Crude oil nears $50")
Crude oil surged 0.63% to Rs 3,217 per barrel in futures market today as speculators engaged in creating speculative positions, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in July was trading higher by Rs 20 or 0.63% to Rs 3,217 per barrel in a business turnover of 1,751 lots.
Likewise, the oil for delivery in August gained Rs 19 or 0.58% to Rs 3,276 per barrel in 75 lots.
Analysts said speculative positions created by traders after crude prices rose in Asian trade, tracking a broad advance across equity markets, as the dollar weakened and after private data showed another drop in US inventories, influenced crude oil at futures trade.
Meanwhile, West Texas Intermediate gained 19 cents or 0.40% to $47.62, while global benchmark Brent advanced 11 cents or 0.23% to $48.91 a barrel.
