Crude oil futures up on overseas cues

NEW DELHI: Crude oil futures up 1.37 per cent to Rs 4,744 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 December went up by Rs 64, or 1.37 per cent, to Rs 4,744 per barrel, with a business turnover of 4,425 lots.

The oil for delivery in January next year also rose by Rs 58,or 1.23 per cent, to Rs 4,769 per barrel in a turnover of 178 lots.

Market analysts said the rise in crude oil futures is largely in tandem with a firming trend in Asian trade on fresh hopes that the OPEC cartel will overcome internal resistance to trim output, while upbeat US economic data also provided support.

Meanwhile, West Texas Intermediate crude prices for January next year delivery gained 48 cents to $ 76.33, while Brent curde for January climbed 32 cents to $ 79.65 per barrel in mid-morning trade at the New York Mercantile Exchange.