Crude oil recovers in futures trade on global cues

Crude oil prices recovered by 0.41% to Rs 4,158 per barrel in futures trade today as speculators enlarged their positions, triggered by a firming trend in the Asian region.

At the Multi Commodity Exchange, crude oil for delivery in July rose by Rs 17, or 0.41%, to Rs 4,158 per barrel, with a business turnover of 2,847 lots.

August crude gained Rs 14, or 0.33%, to Rs 4,258, with open interest of 469 lots.

Market analysts said a firming trend in the Asian region after the International Energy Agency's decision to tap emergency reserves, mainly influenced crude oil prices at futures trade here.

Meanwhile, crude oil for delivery in August rose by 92 cents to $91.94 a barrel on the New York Mercantile Exchange.