Crude oil futures rise despite weak Asian cues

Crude oil futures rose by Rs 29 to Rs 2,684 per barrel in the evening session today as speculators raised their bets despite weak Asian cues.
The exchange remained closed for the morning session on account of 'Mahavir Jayanti'.
At the Multi Commodity Exchange, crude for delivery in April gained Rs 29, or 1.09 per cent, to Rs 2,684 per barrel, with a business turnover of 8,303 lots.
The oil for May delivery moved up by Rs 17, or 0.62 per cent, to Rs 2,780 per barrel, with a business volume of 3,897 lots.
Traders said widening of positions at prevailing levels mainly pushed up crude prices at futures trade here but a weak trend in Asian trade, where oil prices extended their losses, capped the gains.

Prices had plunged early Monday after reports said the long-awaited meeting of major producers in Doha had collapsed, fanning worries about a persistent global oversupply.
Meanwhile, West Texas Intermediate crude prices for May delivery was down 18 cents at USD 39.60, while Brent crude for June fell 27 cents to USD 42.64 a barrel on the New York Mercantile Exchange.