Crude oil futures up 1.04% on firm domestic demand

Crude oil futures rose by 1.04 per cent to Rs 3,216 per barrel Friday after participants widened their bets, tracking a firm trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in January was trading higher by Rs 33, or 1.04 per cent, to Rs 3,216 per barrel with a business turnover of 26,135 lots.

The crude for delivery in March also edged higher by Rs 53, or 1.63 per cent, to Rs 3,312 per barrel with a business volume of 29 lots.

Asian stocks edged up on Friday after the US shares extended gains for a second straight day, say reports.

However, growth in the US crude stockpiles and ongoing concerns about the global economy kept markets under pressure.

Meanwhile, West Texas Intermediate crude prices rose by 2.31 per cent, to USD 45.64 a barrel while Brent crude, the international benchmark, was up 1.86 per cent at USD 53.71 per barrel.