Crude oil rises by 0.7% on overseas cues

Crude oil futures prices rose notably by 0.70% to Rs 3,178 per barrel today as speculators engaged in enlarging positions, tracking a firming trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in March traded Rs 22, or 0.70% higher at Rs 3,178 per barrel, with a business turnover of 301 lots.

The oil for February also moved up by Rs 18, or 0.59%, to Rs 3,093 per barrel with a business volume of 3,334 lots.

Analysts attributed the rise in crude oil futures to a firming trend in Asia though gains were capped owing to concerns over surging stockpiles in the US, the world's top consumer.
 

Meanwhile, West Texas Intermediate (WTI) crude prices for March delivery rose 64 cents to $49.48 while Brent crude for March gained 34 cents to $55.00 a barrel in mid-morning trade on the New York Mercantile Exchange.