Crude oil up 0.5% on MCX on global cues

Crude oil futures prices today rose by Rs 25 to Rs 4,884 per barrel, as speculators created fresh positions, tracking a firming global trend.

At the Multi Commodity Exchange, crude oil for delivery in February rose by Rs 25, or 0.51%, to Rs 4,883 per barrel in business turnover of 13,042 lots.

March crude moved up by Rs 22, or 0.45%, to Rs 4,927 per barrel in 1,178 lots.

Market analysts said fresh buying by speculators in tandem with a firming global trend mainly pushed up crude oil prices at futures market here.

Meanwhile, crude oil for March delivery advanced 56 cents to $98.97 a barrel on the New York Mercantile Exchange.