Crude oil futures up on global cues

Crude oil futures prices shot up by 1.75 per cent to Rs.4,890 per barrel on Monday as traders engaged in enlarging positions, driven by a firm trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in April gained Rs. 84, or 1.75 per cent, to Rs.4,890 per barrel, clocking a business turnover of six lots.

Similarly, the crude for delivery in March edged higher by Rs. 80, or 1.69 per cent, to Rs. 4,731 per barrel, with a business turnover of 11 lots.

Analysts attributed the rise in crude oil futures prices to a firm trend in the global market, where oil prices rose to a fresh high in 29 months in New York as unrest in Libya fuelled concern about supply disruptions.

Meanwhile, crude for delivery in April today climbed USD 1.90 to USD 106.32 a barrel, the highest intra-day price since September 29, 2008 on the New York Mercantile Exchange.

(Source: http://www.indianexpress.com/news/Crude-oil-futures-up-on-global-cues/758936)