Crude oil futures climb 0.52% on positive global cues

Crude oil rose 0.52 per cent to Rs 3,500 per barrel in futures market today as speculators engaged in widening positions, taking positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in May was trading higher by Rs 18, or 0.52 per cent, to Rs 3,500 per barrel, in a business turnover of 63 lots.

Likewise, the oil for delivery in April gained Rs 16, or 0.46 per cent, to Rs 3,464 per barrel in 1,647 lots.

Analysts said enlarging of positions by traders after crude prices rose overseas, riding the longest winning streak since December on optimism Saudi Arabia will support an extension to OPEC-led output cuts just as the US stockpiles show signs of shrinking, influenced oil prices at futures trade.
 

Meanwhile, West Texas Intermediate gained 11 cents, or 0.21 per cent to USD 53.51 while global benchmark Brent advanced 15 cents, or 0.27 per cent to USD 56.38 a barrel.