Crude oil futures surge on overseas cues

NEW DELHI: Crude oil futures surged 1.13 per cent to Rs 6,443 per barrel today as speculators engaged in creating positions amid a firm trend in Asian trade.

At the Multi Commodity Exchange, crude oil for delivery in March shot up by Rs 72, or 1.13 per cent, to Rs 6,443 per barrel, with a business turnover of 1,954 lots. The oil for delivery in April also climbed Rs 70, or 1.10 per cent, to Rs 6,440 per barrel in a turnover of 166 lots.

Market analysts said the rise in crude oil futures was largely in tandem with a firming trend in Asian trade as Ukrain's Western-backed government mobilised the army with Russia poised to invade. Meanwhile, West Texas Intermediate crude prices for April delivery gained US $ 1.10-103.79 per barrel at the New York Mercantile Exchange.