Crude oil futures up Rs 60 a barrel fuelled by global cues

Monday, Jan 25, 2016,11:13 IST By metrovaartha A A A

New Delhi | Crude oil futures spurted by Rs 60 to Rs 2,316 per barrel Monday after speculators widened their bets, tracking a firming trend in Asia. At the Multi Commodity Exchange, crude oil for delivery in March month contract was trading higher by Rs 60, or 2.66 per cent, at Rs 2,316 per barrel with a business turnover of 630 lots. The oil for February delivery also moved up Rs 53, or 2.46 per cent, to Rs 2,211 per barrel with a business volume of 9,177 lots.

Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade where it extended rally buoyed by hopes of extra stimulus measures in the eurozone and Japan that could help boost demand in the face of a global supply glut.

Meanwhile, West Texas Intermediate crude prices for March delivery soared 14 cents to USD 32.33 a barrel while Brent gained 17 per cent to USD 32.35 a barrel in Asian trade on the New York Mercantile Exchange. Prices ended on a buoyant note Friday, with the US benchmark West Texas Intermediate (WTI) for March delivery soaring nine percent to USD 32.19 a barrel, while Brent soared 10 per cent to USD 32.18.