Crude oil up by 0.8% on overseas cues

Crude oil futures surged Rs 24 to Rs 2,947 per barrel today as speculators widened their positions amid a mixed trend overseas.

In futures trading at Multi Commodity Exchange, crude for delivery in September shot up Rs 24, or 0.82%, to Rs 2,947 per barrel, with a business turnover of 3,466 lots.

The oil for delivery in October also rose Rs 23, or 0.77%, to Rs 2,997 per barrel in a turnover of 627 lots.

Analysts said the rise in crude oil futures was largely in tandem with a mixed trend in Asian trade as prices remain hobbled by weak demand and excess supplies.
 

Meanwhile, West Texas Intermediate crude prices for October delivery rose 22 cents to $44.22 while Brent for October dropped six cents to $46.31 per barrel in late morning trade at the New York Mercantile Exchange.