Crude oil up by 0.4% on Asian cues

Crude oil prices rose 0.41% to Rs 2,912 per barrel in futures market today as speculators created fresh positions on positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in January 2016 rose by Rs 12, or 0.41%, to Rs 2,912 per barrel in a business turnover of 64 lots.

Likewise, the oil for delivery in December traded higher by Rs 9, or 0.32%, to Rs 2,807 per barrel in 1,511 lots.

Marketmen said speculators built fresh positions on the back of a firm trend in Asia, three days before an OPEC meeting in which the cartel is expected to maintain high output levels despite a global supply glut, influenced crude prices at futures trade here.
 
Analysts say the Organization of Petroleum Exporting Countries (OPEC) is likely to focus more on maintaining market share against competitors than on slashing production in order to lift prices.

Meanwhile, US benchmark West Texas Intermediate for January delivery gained 29 cents to $41.94 while Brent crude for January rose 18 cents to $44.79.