Crude oil futures climb Rs 50 per barrel on firm global cues

Crude oil futures surged Rs 50 to Rs 4,245 per barrel today as speculators widened their positions on positive global market cues.
At the Multi Commodity Exchange, crude for delivery in February shot up Rs 50, or 1.19 per cent, to Rs 4,245 per barrel, with a business turnover of 9,668 lots.
The oil for delivery in March also rose Rs 405, or 1.07 per cent, to Rs 4,237 per barrel, in a turnover of 504 lots.
Analysts said the rise in crude oil futures was largely in tandem with a firm trend overseas where it rose after a survey showed OPECs commitment to its supply cuts remains in place, even as US production topped 10 million barrels per day (bpd) for the first time since 1970.

Meanwhile, West Texas Intermediate crude prices rose 25 cents to USD 66.04, while Brent, used to price international oils, was up 25 cents, at USD 69.90 a barrel at the New York Mercantile Exchange.