Crude oil inches up in futures trade on firm Asian cues

NEW DELHI: Crude oil futures traded Rs 15 higher at Rs 2,484 per barrel today as speculators created positions amid a firm trend in Asia.

At Multi Commodity Exchange, crude oil for delivery in April gained Rs 15, or 0.61 per cent, to Rs 2,484 per barrel, with a business turnover of 50 lots.

The oil for delivery in current month moved up Rs 17, or 0.56 per cent, to Rs 2,350 per barrel, with a business volume of 2,0210 lots.

Marketmen said the rise in crude oil futures is largely in tandem with a firming trend in Asia after Nigeria said key crude producers plan to meet in Russia later this month to discuss a proposed output freeze.

West Texas Intermediate crude prices for delivery in April advanced 24 cents to $34.81 a barrel and Brent for May rose 11 cents to $37.18 on the New York Mercantile Exchange. Both have gained about $2 since last week