Crude oil up by 1.5% fuelled by global cues

Crude oil futures rose Rs 49 to Rs 3,254 per barrel today after speculators widened their bets, tracking a firming trend in Asia.

At Multi Commodity Exchange, crude oil for delivery in current month contract was trading higher by Rs 49 or 1.53% at Rs 3,254 per barrel with a business turnover of 3,584 lots.

The oil for November delivery also moved up Rs 46 or 1.41% to Rs 3,307 per barrel with a business volume of 271 lots.

Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade boosted by a weaker dollar and expectations a rise in demand will ease a global supply glut, while investors await the release of key Chinese economic data this week.
 
Meanwhile, West Texas Intermediate crude prices for November delivery rose 0.93% to $50.09 a barrel while Brent for November also gained 0.78% to $53.06 a barrel in late-morning Asian trade on the New York Mercantile Exchange.