Asian cues lift crude oil futures

Crude oil futures rose 0.29 per cent to Rs 3,786 per barrel today as speculators created fresh positions amid a firming trend in Asia.

At Multi Commodity Exchange, crude oil for delivery in June traded higher by Rs 11, or 0.29 per cent, to Rs 3,786 per barrel, with a business turnover of 3,364 lots.

The oil for delivery in July also moved up Rs 7, or 0.18 per cent, to Rs 3,840 per barrel, with a business volume of 59 lots.

Analysts attributed the rise in crude oil futures to a rising trend in Asia after a decline in US petroleum stock, and production boosted hopes of an easing in the global supply glut.
 

Meanwhile, West Texas Intermediate crude for July delivery rose 10 cents to USD 59.08 while Brent crude for July gained 16 cents to USD 65.19 a barrel in late-morning trade.