Crude oil up by 0.6% on Asian cues

Crude oil rebounded 0.57% to Rs 2,809 per barrel in futures market today as speculators indulged in widening positions, taking positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in December rose by Rs 16, or 0.57% to Rs 2,809 per barrel in business turnover of 404 lots.

Likewise, the oil for delivery in November contracts traded higher by Rs 13, or 0.48% to Rs 2,716 per barrel in 1,597 lots.

Analysts said widening of positions by speculators after oil prices rebounded in Asia mainly influenced sentiments here but buying sentiment remains sluggish owing to supply glut woes and a strong dollar.
 

Meanwhile, West Texas Intermediate for December delivery gained 31 cents to $40.98, while Brent crude for January rose 35 cents to $43.92.