Crude oil up by 0.3% on positive Asian cues

Crude oil futures prices rose 0.31% to Rs 3,825 per barrel today as speculators created positions amid a firm trend in Asia.

In futures trading at Multi Commodity Exchange, crude oil for delivery in June contracts was trading higher by Rs 12, or 0.31%, at Rs 3,825 per barrel, with a business turnover of 1,987 lots.

The oil for July delivery moved up Rs 7, or 0.18%, to Rs 3,874 per barrel, with a business volume of 203 lots.

Marketmen said the rise in crude oil futures was largely in tandem with a hardening trend in Asian trade on bargain-hunting after dropping last week, but a supply glut and a resurgent dollar may limit gains.
 

Meanwhile, West Texas Intermediate crude prices for July advanced 14 cents to $59.86 while Brent for July gained eight cents to $65.45 a barrel in late morning trade on the New York Mercantile Exchange.