Crude oil futures up 0.53% on strong Asian cues

Crude oil futures rose by 0.53% to Rs 5,134 per barrel today in line firming trend in overseas markets.

At the Multi Commodity Exchange, January crude oil rose by Rs 27, or 0.53%, to Rs 5,134 per barrel, with a business turnover of 5,571 lots.

The February delivery in February gained Rs 26, or 0.51%, to Rs 5,163 per barrel, with a trading volume of 1,179 lots.

Analysts attributed the rise in crude oil prices at futures trade to a firming trend in Asian trade on positive data from major crude consumers China and the US as well as Germany.

Also, a weaker dollar which makes dollar-priced crude more attractive to traders using other currencies, boosting demand and pushing prices up, they said.

Meanwhile, crude oil for February delivery up 43 cents to $101.14 a barrel on the New York Mercantile Exchange.