Crude oil futures climb Rs 74 a barrel fuelled by global cues

Tuesday, Feb 16, 2016,11:16 IST By metrovaartha A A A

New Delhi | Crude oil futures spurted by Rs 74 to Rs 2,276 per barrel Tuesday after participants widened their bets, tracking a firming trend in Asia. At the Multi Commodity Exchange, crude oil for delivery in March month contracts was trading higher by Rs 74 or 3.36 per cent at Rs 2,276 per barrel with a business turnover of 815 lots. The crude for this month delivery also moved up Rs 65 or 3.19 per cent to Rs 2,102 per barrel with a business volume of 5,854 lots.

Market experts attributed the rise in crude oil futures to a firming trend in Asian trade where Brent breaking past USD 34 a barrel on expectations that energy heavyweights Russia and Saudi Arabia will discuss the global oversupply issue in a Doha meeting.

European benchmark Brent crude for April delivery was trading USD 1.15 or 3.44 per cent higher at USD 34.54 a barrel. Meanwhile, West Texas Intermediate crude prices for March delivery soaring USD 1.33 or 4.52 per cent at USD 30.77 a barrel compared to its Friday close.

There was no settlement in the New York Mercantile Exchange yesterday due to a public holiday in the US.