Crude oil futures up 0.18% on overseas cues

Crude oil prices hardened by 0.18 per cent to Rs 3,945 per barrel in futures trading Thursday as speculators created fresh bets, taking positive cues from global market.

At the Multi Commodity Exchange, crude oil for delivery in March rose by Rs 7, or 0.18 per cent, to Rs 3,945 per barrel in a business turnover of 15,138 lots.

The oil for delivery in April contracts, too, rose by Rs 6, or 0.15 per cent, to Rs 3,987 per barrel in 750 lots.

Analysts said speculators built fresh positions after oil prices rose overseas on expectations of a tighter market due to ongoing production cut by OPEC members.

Meanwhile, West Texas Intermediate gained 0.04 per cent to USD 56.24, while Brent crude rose 0.21 per cent to USD 63.13 per barrel.