Crude oil up by 3.4% fuelled by global cues

Crude oil futures spurted by Rs 74 to Rs 2,276 per barrel today after participants widened their bets, tracking a firming trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in March month contracts was trading higher by Rs 74 or 3.36% at Rs 2,276 per barrel with a business turnover of 815 lots.

The crude for this month delivery also moved up Rs 65 or 3.19% to Rs 2,102 per barrel with a business volume of 5,854 lots.

Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade where Brent breaking past %34 a barrel on expectations that energy heavyweights Russia and Saudi Arabia will discuss the global oversupply issue in a Doha meeting.
 

European benchmark Brent crude for April delivery was trading $1.15 or 3.44% higher at $34.54 a barrel.

Meanwhile, West Texas Intermediate crude prices for March delivery soaring $1.33 or 4.52% at $30.77 a barrel compared to its Friday close. There was no settlement in the New York Mercantile Exchange yesterday due to a public holiday in the US.