Crude oil futures gain on global cues

Tracking a firming global trend, crude oil futures prices rose by 0.42% to Rs 5,056 per barrel today, as speculators created fresh positions.

At the Multi Commodity Exchange, February crude oil rose by Rs 21, or 0.42%, to Rs 5,056 per barrel in 371 lots.

The January contract moved up by Rs 19, or 0.38%, to Rs 5,035 per barrel in 5,673 lots.

Market analysts said fresh buying by speculators amid a firming trend in Asian trade, driven by geo-political concerns after the death of North Korean leader Kim Jong-Il.

Meanwhile, crude oil for January advanced by 40 cents to $94.28 a barrel on the New York Mercantile Exchange.