Crude oil futures rebound Rs 81 on positive Asian cues

Crude oil futures recovered by Rs 81 to Rs 2,461 per barrel today as speculators raised their bets amid a rebound in the Asian trade.
At the Multi Commodity Exchange, crude for delivery in April gained Rs 81, or 3.40 per cent, to Rs 2,461 per barrel, with a business turnover of 7,785 lots.
The oil for May delivery moved up by Rs 69, or 2.78 per cent, to Rs 2,550 per barrel, with a business volume of 374 lots.
The rise in crude oil futures was largely in step with the rebound in its prices in Asian trade today after Kuwait said an agreement to freeze output during a producers' meeting this month could still be reached despite conflicting statements by participants, analysts said.

Meanwhile, West Texas Intermediate crude prices for May delivery was up 97 cents, or 2.70 per cent, at USD 36.86 while European benchmark Brent crude for June rose 68 cents, or 1.80 per cent, to USD 38.55 a barrel on the New York Mercantile Exchange.
Both contracts eked out an increase on Tuesday, but prices are still well below the USD 40 level reached last month following a rally driven by hopes of an agreement during the April 17 producers' meeting in Doha.
Prices dived after Saudi deputy crown prince Mohammed bin Salman said last week his country will only agree to limit output if rival producers such as Iran followed suit.