Crude oil futures climb 0.98 per cent on overseas cues

NEW DELHI: Crude oil futures prices rose 0.98 per cent to Rs 2,888 per barrel today as speculators built bets amid a firm trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in December was trading Rs 28, or 0.98 per cent, higher at Rs 2,888 per barrel, with a business turnover of 14,010 lots.

The oil for January next year delivery contracts moved up by Rs 26, or 0.88 per cent, to Rs 2,994 per barrel, with a business volume of 302 lots.

Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia where it held above USD 43 a barrel after US commercial crude supplies rose at a slower pace while concerns over the shooting down by Turkey of a Russian warplane lingered.

Data from the US Department of Energy released yesterday showed that the country's commercial crude supplies rose by 1.0 million barrels for the week ended November 20.

Meanwhile, West Texas Intermediate crude for delivery in January was up eight cents at USD 43.12 while Brent crude for January gained seven cents to USD 46.24 on the New York Mercantile Exchange.