Crude oil up by 1.3% on Asian cues

Crude oil futures were up 1.28% to Rs 3,009 per barrel today as speculators created positions amid positive Asian cues.

At Multi Commodity Exchange, crude oil for delivery in October gained Rs 38, or 1.28%, to Rs 3,009 per barrel, with a business turnover of 1,819 lots.

The oil for November delivery moved up Rs 37, or 1.26%, to Rs 3,059 per barrel, with a business volume of 98 lots.

Marketmen said the rise in crude oil futures was largely in tune with the firming trend in Asian trade where it extends gain as a decline in US drilling pointed to a slowdown in production, but concerns over demand remain after a disappointing US jobs report.

A report from Baker Hughes Inc said the number of active rigs in the United States fell 26 to 614 last week, the lowest in five years, helping ease concerns over the global crude oversupply that has depressed prices.

Meanwhile, West Texas Intermediate crude prices for November delivery advanced 11 cents to $45.65, while Brent crude for November gained 15 cents, to $48.28 a barrel in morning trade on the New York Mercantile Exchange.