Crude oil futures rise 0.25% on global cues

Crude oil prices edged up 0.25 per cent to Rs 4,377 per barrel in futures trade Thursday as speculators widened their bets in tandem with firm trend overseas.

On the Multi Commodity Exchange, crude for delivery in June contracts was up by Rs 11, or 0.25 per cent, to Rs 4,377 per barrel in a business turnover of 16,351 lots.

Analysts said the rise in crude oil futures was largely due to raising of bets by participants at domestic markets.

Globally, the prices continued its rising streak as fears of supply disruptions due to tensions in the Middle East allayed the effects of unexpected rise in US inventories, say reports.

Meanwhile, West Texas Intermediate crude prices were trading up 0.47 per cent to USD 62.31, while Brent Crude was up 0.36 per cent at USD 72.03 a barrel at the New York Mercantile Exchange.