Crude oil up on overseas cues

Crude oil futures rose by 0.30% to Rs 4,742 per barrel today as speculators created fresh positions amid a firm trend in Asia.

At the Multi Commodity Exchange, December crude oil gained Rs 14, or 0.30%, to Rs 4,742 per barrel, with a business turnover of 5,870 lots.

The January delivery moved up by Rs 13, or 0.27%, to Rs 4,801 per barrel, with a business volume of 1,303 lots.

Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia on expectations of a hike in Chinese demand after a key survey showed its manufacturing activity hitting a 14-month high in December.

Meanwhile, crude oil for January delivery advanced by 23 cents to $86.98 a barrel on the New York Mercantile Exchange.