Crude oil futures remain up on global cues, rise 0.91%

Crude oil prices continued the upward move for yet another day by rising 0.91 per cent to Rs 3,902 per barrel Friday as speculators indulged in raising their bets taking positive cues from overseas market.

Crude oil for delivery in February was trading higher by Rs 35, or 0.91 per cent, at Rs 3,902 per barrel in a business turnover of 5,761 lots at the Multi Commodity Exchange.

Analysts said the persistent rise in crude prices at futures trade was in line with a firm trend overseas where the international benchmark Brent crude again crossed the USD 65 mark after top exporter Saudi Arabia said it would cut crude exports.

Meanwhile, West Texas Intermediate gained 0.85 per cent to USD 54.84, while Brent crude rose 0.63 per cent to USD 65.04 per barrel.