Crude oil futures rise on higher global cues

Crude oil prices gained Rs 11, or 0.32 per cent, to Rs 3,502 per barrel in futures trade today after speculators enlarged their positions on the back of firming global cues.

At the Multi Commodity Exchange counter, crude oil for September gained Rs 11, or 0.32 per cent, to Rs 3,502 per barrel, with an open interest of 41,943 lots.

Similarly, the oil for delivery in October edged up by Rs 8, or 0.22 per cent, to Rs 3,573 per barrel, with an open interest of 4,053 lots.

Marketmen said speculators enlarged their positions, supported by a firming global trend, which led to a rise in crude oil prices at futures market here.

Meanwhile, crude oil for October delivery rose 1.5 per cent yesterday in New York.