Crude oil rises on global cues

Crude oil prices recovered Rs 22 to Rs 5,116 per barrel in the futures trade today as speculators created fresh positions, tracking a firming trend in Asian trade.

At the MCX, the June delivery rose by Rs 22, or 0.43%, to Rs 5,116 per barrel in business turnover of 971 lots.

The May contract moved up by Rs 21, or 0.42%, to Rs 5,069 per barrel in 7,303 lots.

Market analysts attributed the rise in crude oil futures to firming global trend as bargain-hunters moved in to capitalise on the recent slide in prices.

Meanwhile, the June delivery advanced 26 cents to $93.07 a barrel on the New York Mercantile Exchange.