Crude oil futures up on overseas cues

Crude oil futures rose by 0.28 per cent to Rs 3,389 per barrel on Friday as speculators created positions amid a firm trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery this month gained Rs 28, or 0.83 per cent, to Rs 3,389 per barrel, with a business turnover of 4,433 lots.

The oil for delivery in August moved up Rs 27, or 0.79 per cent, to Rs 3,436 per barrel, with a business volume of 201 lots.

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Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia following recent sharp losses, lifted by a recovery in Chinese stocks as the government beefed up measures to support the market.

The rebound, which followed a 30 percent plunge in Chinese share prices, eased concerns of a wider fallout into the world’s second-biggest economy and top energy consumer, but analysts said it remained to be seen whether the rally will be sustained.

Meanwhile, West Texas Intermediate crude prices for delivery in August advanced 43 cents to USD 53.21 a barrel and Brent rose 42 cents to USD 59.03 in late-morning trade on the New York Mercantile Exchange.

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