Crude oil up 1.5% on Asian cues

Crude oil surged 1.52% to Rs 3,404 per barrel in futures market today as speculators engaged in creating speculative positions, taking positive cues from Asian markets.

At Multi Commodity Exchange, crude oil for delivery in July contract was trading higher by Rs 51 or 1.52% to Rs 3,404 per barrel in a business turnover of 3,205 lots.

Likewise, the oil for delivery in far-month August gained Rs 49 or 1.44% to Rs 3,460 per barrel in 86 lots.

Analysts said speculative positions created by traders as crude climbed in Asia today after Federal Reserve boss Janet Yellen's cautious remarks on the US economy weakened the dollar. Traders also nervously await Britain's vote on its future in the European Union, influencing crude futures here.
 
Meanwhile, West Texas Intermediate for August delivery, a new contract, was up 28 cents or 0.56% to USD 50.13, while global benchmark Brent advanced 24 cents or 0.47% to $50.86 a barrel.