Crude oil futures up 1.03% on overseas cues

Wednesday, Sep 7, 2016,12:23 IST By metrovaartha A A A

New Delhi | Crude oil futures rose by 1.01 per cent to Rs 2,994 per barrel today as speculators raised their bets amid a firm trend overseas.

In futures trade at the Multi Commodity Exchange, crude oil for delivery in October was trading higher by Rs 31 or 1.03 per cent at Rs 3,052 per barrel in 206 lots.

On similar lines, crude for delivery in September was trading higher by Rs 30 or 1.01 per cent at Rs 2,994 per barrel in a business turnover of 5,506 lots.

Analysts said rise in crude oil futures was largely in tandem with a firming trend in Asian trade Wednesday on the back of a weaker dollar but scepticism that key producers will agree to limit output at an upcoming meeting kept gains in check.

The dollar plunged after data on Tuesday showed a shock slump in the key US services sector, virtually wiping out any possibility of an interest rate hike this month.

Meanwhile, the US benchmark West Texas Intermediate crude prices rose 31 cents to USD 45.14 a barrel and Brent crude added 33 cents to USD 47.59 a barrel.