Crude oil up by 1.2% on Asian cues

Crude oil rebounded by 1.16% to Rs 2,172 per barrel in futures market today as speculators widened their bets, taking positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 25, or 1.16%, to Rs 2,172 per barrel, in a business turnover of 1,596 lots.

Likewise, the oil for delivery this month was up by Rs 15, or 0.75%, to Rs 2,007 per barrel in 12,246 lots.

Analysts said speculators widened their positions on the back of a recovery in Asian trade ahead of a meeting between the Iranian and Iraqi oil ministers and following a Saudi Arabia agreement to freeze output, influenced crude futures here.
 
Meanwhile, West Texas Intermediate for March delivery gained 18 cents, or 0.62%, to $29.22 while Brent crude for April rose 33 cents, or 1.03%, at $32.51.

Oil prices have tumbled about 70% since June 2014, hit by oversupply, sluggish demand and concerns over the global economic outlook.