Crude oil futures up 0.52 per cent to Rs 4,091 on firm trend overseas

Crude oil futures recovered by 0.52 per cent to Rs 4,091 per barrel on Friday after speculators built up fresh positions amid a firm trend overseas.

At the Multi Commodity Exchange, cure oil for November was trading higher by Rs 21, or 0.52 per cent, to Rs 4,091 per barrel in a business turnover of 1,472 lots.

On similar lines, crude for delivery in December rose by Rs 19, or 0.46 per cent, to Rs 4,123 per barrel in 473 lots.

Analysts said rise in crude oil futures was largely in tandem with prices rising in global market, mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply.

Meanwhile, West Texas Intermediate crude prices up 0.74 per cent, to $56.88 a barrel, while the international benchmark, Brent crude rose 0.81 per cent, to $67.16 a barrel at the New York Mercantile Exchange.


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