Crude oil futures up 0.60 pc on global cues

Crude oil prices advanced 0.60 per cent to Rs 4,861 per barrel in futures trade today as speculators raised their bets amid positive global cues.

In futures trading at the Multi Commodity Exchange, crude oil for delivery in current month was trading higher by Rs 29, or 0.60 per cent to Rs 4,861 per barrel in business turnover of 1,333 lots.

Also, the oil for delivery in June contract was trading higher by Rs 28, or 0.58 per cent to Rs 4,883 per barrel in 219 lots.

Globally, brent broke through the USD 80 a barrel mark yesterday for the first time since November 2014.

Analysts said the rise in crude prices at futures trade was mostly due to raising of bets by participants, tracking a firm trend in global markets on strong demand amid ongoing supply cuts led by producer cartel OPEC and looming US sanctions against major crude exporter Iran.

Meanwhile, West Texas Intermediate rose 14 cents, or 0.20 per cent, to USD 71.63 per barrel on the New York Mercantile Exchange. Brent crude went up by 23 cents, or 0.29 per cent to USD 79.53 a barrel.