Crude oil recovers in futures trade on global cues

Crude oil prices moved up by 0.29% to Rs 4,429 per barrel in futures trade today as speculators enlarged their positions following recovery in global markets after previous week's sharp losses.

At the Multi Commodity Exchange, crude oil for delivery in May rose by Rs 13, or 0.29% to Rs 4,429 per barrel, with a business turnover of 5,302 lots.

Likewise, the oil for delivery in June gained Rs 8, or 0.18% to Rs 4,484 per barrel, with a business volume of 501 lots. 

Market analysts said a firming trend in the global markets after sharp losses last week helped crude futures to trade higher here.

Meanwhile, crude oil for delivery in June rose by $1.18 to $98.36 a barrel on the New York Mercantile Exchange.