Crude oil futures up Rs 49 per barrel on overseas cues

Tracking a firming trend in Asia, crude oil futures prices rose Rs 49 to Rs 3,936 per barrel today as speculators created positions.
At the Multi Commodity Exchange, crude oil for delivery in May gained Rs 49, or 1.26 per cent, to Rs 3,936 per barrel, with a business turnover of 2,666 lots.
Oil for July delivery moved up by Rs 42 or 1.06 per cent to Rs 4,017 per barrel with a business volume of 240 lots.
Marketmen said the rise in crude oil futures was largely in tune with a firm trend in Asian trade on a weaker dollar and amid expectations the latest US crude-oil inventories report will show a decline, easing a global supply glut.

Meanwhile, West Texas Intermediate crude prices for June delivery advanced by 46 cents to USD 61.21, while Brent crude for June rose 20 cents to USD 67.06 a barrel in mid-morning trade on the New York Mercantile Exchange.