Crude oil prices bounce 0.32% on global cues

Crude oil prices rose 0.32 per cent to Rs 4,046 per barrel Wednesday as speculators created fresh positions amid positive overseas cues.

Oil prices increased in the previous sessions on supply cut by OPEC and US sanctions on Iran and Venezuela. But the market also traded on cautious note over rise in US production and forecasts of an economic slowdown.

At the Multi Commodity Exchange, crude for delivery in March was trading higher by Rs 13, or 0.32 per cent, at Rs 4,046 per barrel in a business turnover of 12,987 lots.

Meanwhile, West Texas Intermediate gained 0.12 per cent to USD 56.16, while Brent crude, the international benchmark, recovered 0.05 per cent to USD 66.48 per barrel.