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Crude oil up by 1.3% on Asian cues

Speculators enlarged positions, tracking a firming trend in Asian region

Press Trust of India  |  New Delhi 

Crude Oil image via Shutterstock

futures rose by 1.30% to Rs 3,580 per barrel today as speculators enlarged positions, tracking a firming trend in Asian region.

At the Multi Commodity Exchange, for delivery in January traded higher by Rs 46, or 1.30%, to Rs 3,580 per barrel, with a business turnover of 2,789 lots.

for February were also up by Rs 44, or 1.23%, to Rs 3,630 per barrel with a business volume of 111 lots.

Marketmen said the rise in crude oil futures was largely in tandem with a better trend in Asian trade where crude nudged higher on hopes of improved US economy figures, but analysts said gains would be capped with dealers squaring positions for the end of the year.

Meanwhile, West Texas Intermediate crude prices for February delivery rose 51 cents to $55.77 and Brent crude for February climbed 29 cents to $60.40 a barrel in mid-morning trade on the New York Mercantile Exchange.

First Published: Tue, December 23 2014. 11:40 IST