Crude oil futures up on overseas cues

NEW DELHI: Crude oil futures prices recovered by 1.07 per cent to Rs 2,922 per barrel today as speculators created fresh positions amid a firm trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in February gained Rs 31, or 1.07 per cent, to Rs 2,922 per barrel, with a business turnover of 3,084 lots.

The oil for the March delivery moved up by Rs 28, or 0.94 per cent, to Rs 2,992 per barrel, with a business volume of 77 lots.

Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asian trade following the death of Saudi Arabia's King Abdullah, with investors watching to see if the country will change its policy of maintaining high production in the face of plunging prices and a global supply glut.

Meanwhile, West Texas Intermediate crude prices for March delivery was up 1.58 per cent, to USD 47.04, while Brent crude for march jumped 2.25 per cent, to USD 49.61 a barrel on the New York Mercantile Exchange.