Crude oil futures up 1.14% on global cues

Crude oil was up 1.14 per cent to Rs 3,183 per barrel in the futures market today as speculators widened their bets, taking positive cues from global markets.
At the Multi Commodity Exchange, crude oil for delivery in May rose by Rs 36 or 1.14 per cent to Rs 3,183 per barrel, in a business turnover of 2,956 lots.
Likewise, the oil for delivery in far-month June was trading higher by Rs 35, or 1.10 per cent, to Rs 3,219 per barrel in 126 lots.
Analysts said widening of positions by speculators on the back of a rebound in global market where crude climbed back above USD 49 a barrel after tumbling on concern over a supply glut, influenced crude futures here.

Meanwhile, West Texas Intermediate (WTI) gained 47 cents, or 0.96 per cent, to USD 49.44 while Brent crude rose 48 cents, or 0.93 per cent, at USD 51.92 per barrel.