Crude oil futures up 1.16% on Asian cues

Wednesday, Feb 17, 2016,12:28 IST By metrovaartha A A A

New Delhi | Crude oil rebounded by 1.16 per cent to Rs 2,172 per barrel in futures market Wednesday as speculators widened their bets, taking positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 25, or 1.16 per cent, to Rs 2,172 per barrel, in a business turnover of 1,596 lots. Likewise, the oil for delivery this month was up by Rs 15, or 0.75 per cent, to Rs 2,007 per barrel in 12,246 lots.

Analysts said speculators widened their positions on the back of a recovery in Asian trade ahead of a meeting between the Iranian and Iraqi oil ministers and following a Saudi Arabia agreement to freeze output, influenced crude futures here.

Meanwhile, West Texas Intermediate for March delivery gained 18 cents, or 0.62 per cent, to USD 29.22 while Brent crude for April rose 33 cents, or 1.03 per cent, at USD 32.51. Oil prices have tumbled about 70 per cent since June 2014, hit by oversupply, sluggish demand and concerns over the global economic outlook.