Crude oil futures up Rs 11 per barrel on Asian cues

Crude oil rose by Rs 11 to Rs 2,451 per barrel in futures market today as speculators created fresh bets, taking positive cues from the Asian markets.

At Multi Commodity Exchange, crude oil for delivery in January rose by Rs 11 or 0.48 per cent to Rs 2,451 per barrel, in a business turnover of 4,796 lots.

Similarly, the oil for delivery in February traded higher by Rs 9 or 0.37 per cent to Rs 2,540 per barrel in 147 lots.

Analysts said speculators built fresh positions after oil prices rebounded in Asia today on bargain-hunting on the last trading day of 2015, following a sharp decline fuelled by an unexpected rise in US commercial stockpiles, mainly influenced crude prices at futures trade here.
 

The commodity headed for another annual loss caused by a stubborn global supply glut and weak demand.

Meanwhile, West Texas Intermediate (WTI) for February delivery gained 15 cents to USD 36.75, while Brent crude added 22 cents at USD 36.68.

Both contracts slumped more than three per cent on the US data yesterday. WTI has lost 31 per cent and Brent 36 per cent of its value this year. In 2014, WTI lost 46 per cent and Brent 48 per cent.