Crude oil futures extend gains, up 1.25% on global cues

Crude oil prices advanced by 1.25 per cent to Rs 4,526 per barrel in futures trade today as speculators increased positions, tracking a firm trend in global markets.

At the Multi Commodity Exchange, crude oil for delivery in April rose by Rs 56, or 1.25 per cent, to Rs 4,526 per barrel in a business turnover of 2,154 lots.

On similar lines, the oil for delivery in May contracts was trading higher by Rs 55, or 1.23 per cent, to Rs 4,540 per barrel in 1,407 lots.

Analysts said widening of positions by traders in line with a firm trend overseas, as US crude inventories declined and top exporter Saudi Arabia expected to keep withholding supply to prop up the market, influenced sentiments in futures trade here.

Meanwhile, West Texas Intermediate rose 0.57 per cent to USD 68.86 a barrel, while global benchmark Brent gained 0.60 per cent to USD 73.92 a barrel.