Crude rises 1 pc in futures trade on global cues

NEW DELHI: Crude oil prices gained 1.01 per cent in early trade in the futures market on Monday on fresh buying by traders, influenced by firming global trend.

Crude oil for most active August contract edged up by 1.01 per cent at Rs 4,888 per barrel with trading volume of 2,785 lots on the Multi Commodity Exchange at 1200 hrs.

September month contract rose by 0.86 per cent at Rs 4,900 per barrel with trading volume of 923 lots and October contract by 0.24 per cent at Rs 4,930 per barrel with trading volume of five lots.

Traders said market sentiments were influenced after crude oil rose from a 14-week low in New York as traders deemed last week's 7.9 per cent drop as excessive and the Russia-Georgia conflict raised concern that Caspian Sea supplies may be disrupted.

Crude oil for September delivery gained 1.54 dollar to 116.74 dollar a barrel on the New York Mercantile Exchange.