Crude oil futures rise Rs 16 per barrel on Asian cues

Crude oil futures rose by Rs 16 to Rs 3,079 per barrel today as speculators widened their positions amid a mixed trend overseas.
In the futures trading at Multi Commodity Exchange, crude for delivery in July was trading higher by Rs 16, or 0.52 per cent, to Rs 3,079 per barrel, with a business turnover of 4,886 lots.
The oil for delivery in August also rose Rs 16, or 0.51 per cent, to Rs 3,141 per barrel, in a turnover of 111 lots.
Analysts said a rebound in oil prices in Asia today after tanking nearly five per cent the day before on fresh worries about an oversupply, while traders await the release of key US jobs data, influenced crude futures here.

Meanwhile, West Texas Intermediate crude prices rose 50 cents, or 1.11 per cent, to USD 45.64, while Brent gained 60 cents, or 1.29 per cent, to USD 47 per barrel at the New York Mercantile Exchange.
WTI plunged 4.8 per cent and Brent sank 4.9 per cent yesterday after the US Department of Energy (DoE) reported stockpiles fell 2.2 million barrels in the week ending July 1.