Crude oil futures climb Rs 31 per barrel on overseas cues

Crude oil futures surged Rs 31 to Rs 2,488 per barrel today as speculators widened their positions after it rebounded in Asia.
In futures trading at the Multi Commodity Exchange, crude for delivery in March shot up Rs 31, or 1.26 per cent, to Rs 2,488 per barrel, with a business turnover of 4,226 lots.
The oil for delivery in April also rose Rs 28, or 1.08 per cent, to Rs 2,622 per barrel, in a turnover of 551 lots.
Analysts said the rise in crude oil futures was largely in tandem with a firm trend in Asian trade where it rebounded after a two-day sell-off fanned by concerns over planned talks between major producers to freeze output.

One of the world's biggest producers, Iran returned to the export market in January after years of Western sanctions linked to its nuclear programme.
Meanwhile, West Texas Intermediate crude prices for April delivery rose 1.51 per cent, or 55 cents, at USD 36.89, while Brent for May was up 1.06 per cent, or 41 cents, at USD 39.15 a barrel at the New York Mercantile Exchange.