Crude oil futures rise on firm global cues

Wednesday, Mar 1, 2017,12:22 IST By joji A A A

New Delhi | Crude oil futures rose sharply by Rs 57 to Rs 3,623 per barrel today as speculators enlarged their positions amid a firm trend overseas.

In futures trading at the Multi Commodity Exchange, crude oil for delivery in March was up by Rs 57, or 1.60 per cent, at Rs 3,623 per barrel, with a business turnover of 2,591 lots.

The oil for delivery in far-month April gained Rs 53, or 1.47 per cent, to Rs 3,662 per barrel, in a turnover of 82 lots.

Analysts said building up of positions by participants, tracking a firm trend in global market, mainly influenced crude futures here.

Meanwhile, US benchmark West Texas Intermediate crude prices were up by 0.11 per cent, at USD 54.07 and Brent crude rose 0.19 per cent, to USD 56.62 a barrel.