Crude oil up by 1% on Asian cues

Crude oil rose 0.98% to Rs 3,079 per barrel in futures market today as speculators widened positions on positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in September month contracts rose Rs 30, or 0.98%, to Rs 3,079 per barrel in business turnover of 2,359 lots.

Likewise, the oil for delivery in October contracts traded higher by Rs 27, or 0.87% to Rs 3,140 per barrel in 152 lots.

Analysts said speculators built fresh positions on the back of a firm Asian trend as dealers set aside weak Chinese trade data and looked ahead to the release of US stockpiles report.
 
Meanwhile, US benchmark West Texas Intermediate for October delivery gained 22 cents to $46.16 while Brent crude for October rose 24 cents to $49.76 in late-morning trade.