Crude oil futures up on positive global cues

Crude oil rose by Rs 16 to Rs 3,061 per barrel in futures market today as speculators indulged in creating speculative positions, taking positive cues from global markets.
At the Multi Commodity Exchange, crude oil for delivery in September was trading higher by Rs 16, or 0.53 per cent, to Rs 3,061 per barrel, in a business turnover of 2,244 lots.
Likewise, the oil for delivery in October gained Rs 16, or 0.52 per cent, to Rs 3,110 per barrel in 91 lots.
Analysts said speculative positions created by traders as prices picked up in global oil market after taking a beating Friday on concerns that demand in Florida, one of the biggest crude consumers in the US, would be hit.

Meanwhile, West Texas Intermediate gained 38 cents, or 0.80 per cent, to USD 47.86 while global benchmark Brent was up 27 cents, or 0.50 per cent, to USD 54.05 a barrel.