Crude oil futures up 0.5% on strong Asian cues

Crude oil futures rose by 0.50% to Rs 5,401 per barrel today, as speculators enlarged their positions, supported by a firming trend overseas.

At the Multi Commodity Exchange, January crude oil rose by Rs 27, or 0.50%, to Rs 5,401 per barrel, with an open interest for 5,752 lots.

The February delivery gained Rs 25, or 0.46%, to Rs 5,413 per barrel, with a trading volume of 462 lots.

Analysts attributed the rise in crude oil prices at futures trade to a firming trend in Asian trade on increasing concern that global supplies will be curbed as Iran warned it would lock down the crucial Strait of Hormuz if the West imposed sanctions on its oil exports.

Meanwhile, crude oil for January delivery rose by 26 cents to $101.60 a barrel on the New York Mercantile Exchange.