Crude oil up 0.5% on overseas cues

Traders create fresh positions as commodity gains abroad on higher US offtake, surge in bank lending in China

Crude oil futures traded 0.52 per cent higher at Rs 6,230 per barrel today as speculators indulged in creating positions, triggered by a firming trend in Asia.
    
At the Multi Commodity Exchange, crude oil for delivery in March gained Rs 32, or 0.52 per cent, to Rs 6,230 per barrel, with a business turnover of 583 lots.
    
Marketmen said the rise in crude oil futures was largely in tune with a firming trend in Asia, supported by a surge in bank lending in China, the world's top energy consumer.
    
Meanwhile, crude oil for March delivery advanced 21 cents to $100.51 a barrel in late morning trade, as extra cold weather in the US bolstered demand for heating fuel.