Crude oil future rises on firm trend Asian markets

NEW DELHI: Crude oil futures prices rose 0.96 per cent to Rs 3,257 per barrel today as speculators engaged in enlarging positions, tracking a firming trend in Asian cues.

At the Multi Commodity Exchange ( MCX), crude oil for delivery in February traded Rs 31, or 0.96 per cent, higher at Rs 3,257 per barrel, with a business turnover of 19,103 lots.

The oil for March also moved up by Rs 30, or 0.90 per cent, to Rs 3.334 per barrel, with a business volume of 1,040 lots.

Analysts attributed the rise in crude oil futures to a firming trend in Asia, extending gains from the previous day due to a significant decline in US drilling activity.

Crude also gained strength with the dollar dropping to a one week low after some weak US factory orders data in December.

Meanwhile, West Texas Intermediate ( WTI) crude prices for March delivery rose 3.48 cents to $53.05. a barrel in late morning trade on the New York Mercantile Exchange ( NYMEX).