Crude oil futures up 0.49 pc on global cues

Crude oil futures traded higher by 0.49 per cent to Rs 3,722 per barrel in futures market today as speculators widened their bets, taking positive cues from global market.

At the Multi Commodity Exchange, crude oil for delivery in January rose Rs 18, or 0.49 per cent, to Rs 3,722 per barrel, in a business turnover of 28 lots.

Likewise, the oil for delivery in the current month was trading higher by Rs 17, or 0.46 per cent, to Rs 3,709 per barrel in 28 lots.

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Analysts said, speculators widened their positions on the back of a firm trend in Asian trade as industry data showed a larger-than-expected draw down in the US crude stockpile, which influenced crude futures here.

Meanwhile, West Texas Intermediate gained 0.60 per cent, to USD 57.50 per barrel, while Brent crude rose 50 cents at USD 63.84.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)