Crude oil futures up 1.63 pc as Asian cues shine

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Crude oil rose 1.63 percent to Rs 2,239 per barrel in futures market today as speculators created fresh bets, taking positive cues from Asian markets. At Multi Commodity Exchange, crude oil for delivery in March month contract was trading higher by Rs 36, or 1.63 percent, to Rs 2,239 per barrel, in a business turnover of 4,111 lots. Likewise, the oil for delivery in far-month April gained Rs 32, or 1.37 percent, to Rs 2,369 per barrel in 103 lots. Analysts said speculators built fresh positions as oil prices recovered in Asia today after a steep fall in the previous session, with US crude back above USD 30 as traders weighed the impact of a potential freeze by key producers. This mainly led to rise in crude oil prices in futures trade. Meanwhile, West Texas Intermediate for March delivery gained 50 cents, or 1.69 percent, to USD 30.14 while global benchmark Brent for April advanced 43 cents, or 1.30 percent, to USD 33.44 a barrel.