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Crude oil futures up 1.10 % on global cues

Friday, Apr 7, 2017,13:22 IST By anju A A A

New Delhi | Crude oil climbed 1.10 per cent to Rs 3,388 per barrel in futures trade on Friday as speculators widened their bets.

At the Multi Commodity Exchange, crude oil for delivery in April was trading higher by Rs 37, or 1.10 per cent, to Rs 3,388 per barrel in a business turnover of 3,319 lots.

Likewise, the oil for delivery in far-month May gained Rs 37, or 1.09 per cent, to Rs 3,426 per barrel in 208 lots.

Analysts said traders built up speculative positions at the domestic futures market after crude oil prices jumped as the US’ air strikes against Syria led to concerns about supplies in the Middle East.

Meanwhile, West Texas Intermediate for July delivery gained 1.70 per cent to USD 52.58 while global benchmark Brent was up 1.49 per cent to USD 55.71 a barrel.

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