Crude oil futures surge 1.13% on upbeat Asian cues

NEW DELHI: Crude oil climbed 1.13 per cent to Rs 3,215 per barrel in futures market today as speculators engaged in widening speculative positions, taking positive cues from Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in May was trading higher by Rs 36, or 1.13 per cent, to Rs 3,215 per barrel, in a business turnover of 5,187 lots.

On similar lines, the oil for delivery in June gained Rs 30, or 0.93 per cent, to Rs 3,269 per barrel in 772 lots.

Analysts said enlarging of speculative positions by participants after oil prices pushed towards USD 50 a barrel in Asian markets today, boosted by supply disruptions from the escalating Canadian wildfires and armed attacks against oil facilities in Nigeria, influenced crude futures.

Wildfires burning around the oil sands hub of Fort McMurray in Alberta, Canada, have been rapidly moving north, forcing firefighters to shift their efforts to protect existing oil facilities.

In Nigeria, Africa's biggest crude producer, troops have made several arrests following the attacks on an offshore oil facility as the government on Monday moved to avert a labour strike over petrol prices.

Meanwhile, West Texas Intermediate for June delivery rose 486 cents, or 1.01 per cent, to USD 48.20, while global benchmark Brent for July climbed 25 cents, or 0.51 per cent, to USD 49.22 a barrel.