Crude oil futures rise 1.10 pc on global cues

Crude oil prices climbed 1.10 per cent to Rs 3,849 per barrel in futures trade today as speculators widened their bets on positive global market cues.
At the Multi Commodity Exchange, crude for delivery in February shot up by Rs 42, or 1.10 per cent to Rs 3,849 per barrel in a business turnover of 3,482 lots.
Likewise, the oil for delivery in March moved up by Rs 41, or 1.08 per cent to Rs 3,852 per barrel in 314 lots.
Analysts said the rise in crude oil futures was largely in tandem with a firm trend overseas where oil prices rose one per cent today, recovering at least some of last weeks steep losses as Asian stock markets found their footing after days of chaotic trading.

Looming over oil markets, however, was rising production in the United States which is undermining efforts led by the OPEC and Russia to tighten markets and prop up prices.
Meanwhile, West Texas Intermediate crude prices rose 63 cents, or 1.06 per cent to USD 59.83, while Brent, used to price international oils, was up 55 cents, or 0.88 per cent at USD 63.34 a barrel at the New York Mercantile Exchange.