Crude oil futures up 0.69% on upbeat Asian cues

Crude oil rose 0.69 per cent to Rs 2,939 per barrel in futures market today as speculators indulged in creating speculative positions, taking positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in May was trading higher by Rs 20, or 0.69 per cent, to Rs 2,939 per barrel, in a business turnover of 1,449 lots.

Likewise, the oil for delivery in far-month June gained Rs 18, or 0.60 per cent, to Rs 3,011 per barrel in 52 lots.

Analysts said speculative positions created by traders after oil prices today built on recent gains after data showed US production fell to 18-month lows and Iraq pushed for a fresh meeting of crude majors on limiting output, influenced crude futures.
 

The advances come just days after the collapse of weekend talks aimed at negotiating an output freeze, which had fuelled worries a global supply glut would continue.

Upbeat economic readings from China -- the world's biggest energy user -- expectations the Federal Reserve will not hike interest rates before June and a series of easing measures by central banks have fuelled optimism in world markets recently.

Prices surged four percent to near five-month highs on Wednesday after the US energy department revealed the dip production last week to levels not seen since October 2014.

Meanwhile, West Texas Intermediate for June delivery gained 12 cents or 0.27 per cent to USD 44.30 while global benchmark Brent for June addded eight cents, or 0.17 per cent, to USD 45.88 a barrel.