Crude oil up by 0.8%, tracking positive Asian cues

Crude oil rose 0.78% to Rs 3,371 per barrel in futures market today as speculators widened their bets, taking positive cues from the Asian markets.

At the Multi Commodity Exchange, crude oil for delivery this month was trading higher by Rs 26 or 0.78% to Rs 3,371 per barrel in a business turnover of 2,706 lots.

Likewise, the oil for delivery in July gained Rs 25 or 0.74% to Rs 3,420 per barrel in 276 lots.

Analysts said speculative positions built up by traders after crude oil prices held above $50 in Asia as traders awaited the US inventory data and the dollar remained weak, boosting demand for the commodity, influenced crude futures here.
 
The market is expecting the US Department of Energy weekly crude inventory numbers to drop further after recent losses, with an anticipated fall of 3.25 million barrels.

Meanwhile, West Texas Intermediate for July delivery gained 11 cents at $50.47 while global benchmark Brent was up three cents at $51.47 a barrel.