Crude oil futures rise 1.1% on global cues

Tracking a firming global trend, crude oil prices rose by Rs 48 to Rs 4,339 per barrel in futures trade today, as speculators increased their positions.

At the Multi Commodity Exchange, November crude oil rose by Rs 48, or 1.12%, to Rs 4,339 per barrel, with a business turnover of 18,336 lots.

The December contract moved up by Rs 48, or 1.11%, to Rs 4,363 per barrel, with a trade volume of 1,187 lots.

Market analysts said speculators increasing their positions on the back of firming global trend led to rise in crude oil futures prices.

Meanwhile, crude oil rose 30 cents to $86.37 a barrel in New York.