Crude oil futures rise 1.07% on global cues

New Delhi: Crude oil prices on Tuesday rose by Rs 38 to Rs 3,579 per barrel as speculators widened positions tracking firm trend overseas. Analysts said raising of bets by participants kept crude prices higher in futures trade here.

On the Multi Commodity Exchange, crude oil for delivery in February traded higher by Rs 38, or 1.07 per cent, to Rs 3,579 per barrel in 32,553 lots.

Crude oil for March delivery was up by Rs 35, or 0.98 per cent, at Rs 3,605 per barrel with an open interest of 1,320 lots.


Globally, West Texas Intermediate was trading higher 1.31 per cent at $50.22 per barrel.

Meanwhile, Brent crude, the international benchmark, edged up 1.50 per cent to $54.07 per barrel in New York.