Crude oil futures climb Rs 52 per barrel on overseas cues

Crude oil futures surged Rs 52 to Rs 3,675 per barrel today as speculators, tracking a firming trend overseas.

In futures trading at the Multi Commodity Exchange, crude for delivery in March shot up Rs 52, or 1.44 per cent, to Rs 3,675 per barrel, with a business turnover of 40,023 lots.

The oil for delivery in far-month April also rose Rs 52, or 1.42 per cent, to Rs 3,709 per barrel, in a turnover of 772 lots.

Analysts said the rise in crude oil futures was largely in tandem with a firm trend overseas as Citigroup raised its short-term price outlook, citing good OPEC compliance with its output-cut agreement and growing demand in Asia.
 

Meanwhile, West Texas Intermediate crude prices gained 0.6 per cent, to USD 54.04, while Brent added 0.7 per cent, to USD 56.85 per barrel at the New York Mercantile Exchange.