Crude oil prices bounce 0.13% on global cues

Crude oil prices rose 0.13 per cent to Rs 3,972 per barrel Tuesday as speculators created fresh positions amid positive cues from global markets.

Oil prices maintained a steady streak as a report about decline in US commercial crude inventories influenced oil prices, traders said. The prices gained further steam with the OPEC assurance of supply cut continuing till June and rise in demand.

At the Multi Commodity Exchange(MCX), crude for delivery in March was trading higher by Rs 5, or 0.13 per cent, at Rs 3,972 per barrel in a business turnover of 3,694 lots.

Meanwhile, West Texas Intermediate gained 0.33 per cent to USD 56.98, while Brent crude, the international benchmark, recovered 0.23 per cent to USD 66.73 per barrel Tuesday.