Crude oil futures climb 1.62 pc on Asian cues

Crude oil rose 1.62 per cent to Rs 5,333 per barrel in futures market today as speculators created fresh bets, taking positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in November contracts was trading notably higher by Rs 85, or 1.62 per cent, to Rs 5,333 per barrel in a business turnover of 256 lots.

In a similar fashion, crude to be delivered this month was up by Rs 82, or 1.56 per cent, to Rs 5,325 per barrel with a business turnover of 1,250 lots.

Analysts said, speculators built fresh positions after oil prices rose in Asia following rising diplomatic tensions between Riyadh and the West, giving lift to crude oil prices in futures trade here.

Meanwhile, West Texas Intermediate gained 82 cents, or 1.15 per cent, to USD 72.16, while Brent crude traded USD 1.06, or 1.32 per cent, higher at USD 81.49 per barrel.