Crude oil futures up on Asian cues

July, August contracts both gain more than quarter per cent on fresh positions by speculators

Crude oil futures prices today rose by 0.30% to Rs 4,613 per barrel as speculators created fresh positions, tracking a firm trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in July gained Rs 14, or 0.30%, to Rs 4,613 per barrel, with a business turnover of 4,644 lots.

August crude moved up by Rs 12, or 0.26%, to Rs 4,657 per barrel, with a business turnover of 358 lots.

Market analysts said the rise in crude oil futures was mainly due to a firming trend in Asian trade on positive US data and a strike by oil workers in Norway.

Meanwhile, crude oil for July delivery gained 38 cents to $80.59 a barrel on the New York Mercantile Exchange.