Crude oil futures up 0.24% on strong Asian cues

Crude oil futures were up by 0.81% to Rs 5,103 per barrel today as speculators enlarged their positions, buoyed by a firming global trend.

At the Multi Commodity Exchange, January crude oil rose by Rs 41, or 0.81%, to Rs 5,103 per barrel, with a business turnover of 5,221 lots.

The February delivery gained Rs 40, or 0.78%, to Rs 5,136 per barrel, with a trading volume of 5,203 lots.

Marketmen said the rise in crude oil prices at futures trade was mainly due to a firming trend in Asia after International Monetary Fund's plan to expand its lending resources to counter Europe's debt crisis and reports of a drop in US crude inventories.

Meanwhile, crude oil for February delivery rose by 81 cents to $101.40 a barrel on the New York Mercantile Exchange in morning trade today.