Crude oil futures rise 0.8% on global cues

But analysts warn of fresh selling pressure as US, EU release manufacturing data

Crude oil prices rose Rs 25 to Rs 3,040 per barrel in futures trade today as speculators widened their bets after it extended its rally in Asia.

At the Multi Commodity Exchange, crude oil for delivery in December contracts was trading higher by Rs 25, or 0.83%, at Rs 3,040 per barrel, with a business turnover of 148 lots.

The oil for November delivery also moved up Rs 22, or 0.75%, to Rs 2,973 per barrel, with a business volume of 2,665 lots.

The rise came on a firming trend in Asian trade on bargain-buying, but analysts warned of fresh selling pressure as the US and the euro zone prepare to release key manufacturing indicators later in the day.

The gains extended a slight recovery yesterday after prices were hammered on Wednesday by data that showed US crude stock increased much more than expected last week, adding to worries of a global glut.

Meanwhile, West Texas Intermediate crude prices for December delivery climbed 22 cents to $45.57 a barrel while Brent for December also advanced 27% to $48.35 a barrel on the New York Mercantile Exchange.