Crude oil futures up on positive cues

Crude oil rose by Rs 36 to Rs 4,436 per barrel in futures market Tuesday as speculators indulged in creating speculative positions, taking positive cues from global markets.

On the Multi Commodity Exchange, crude oil for delivery in June contracts was trading higher by Rs 36, or 0.82 per cent, at Rs 4,436 per barrel in a business turnover of 19,723 lots.

Globally, the oil prices were trading higher on the back of escalating Sino-US trade war, and Opec assurance to curb supply this year, say reports.

But concerns of global economic slowdown from prolonged tensions between the two largest world economies capped the gains, they added.

The oil for delivery in July contracts was also trading higher by Rs 32, or 0.72 per cent, to Rs 4,456 in 166 lots.

Meanwhile, West Texas Intermediate gained 0.36 per cent, to USD 63.33, while global benchmark Brent was up 18 cents, or 0.13 per cent, to USD 71.88 a barrel.