Crude oil futures up by Rs 2 per barrel

Crude oil rose Rs 2 to Rs 2,960 per barrel in futures trade today as speculators widened their bets, tracking rebound in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in June was trading higher by Rs 2, or 0.07 per cent, at Rs 2,960 per barrel, with a business turnover of 159 lots.
The oil for May delivery, however, was trading steady at Rs 2,878 per barrel, with a business volume of 4,724 lots.
Marketmen attributed the rise in crude oil futures to widening of positions by speculators after it rebounded in Asia today from sharp losses driven by a report saying Saudi Arabia was close to completing an oilfield expansion that would ramp up output.

However, analysts say the gains would likely be short-lived owing to lingering worries about a global supply glut, while traders nervously await the release of US stockpiles data tomorrow.
Meanwhile, West Texas Intermediate (WTI) crude prices for June delivery was up 31 cents, or 0.73 per cent, at USD 42.95 per barrel, while Brent for June was trading 30 cents, or 0.67 per cent, at USD 44.78 a barrel on the New York Mercantile Exchange.