Crude oil futures up 0.77% on global cues

Crude oil prices rose by 0.77 per cent to Rs 4,831 per barrel in futures trading on Friday as speculators enlarged their positions on the back of a firming trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in May rose by Rs 37, or 0.77 per cent, to Rs 4,831 per barrel, with a business volume of 424 lots.

The oil for delivery in April moved up by Rs 35, or 0.74 per cent, to Rs 4,779 per barrel, with a business turnover of 4,725 lots.

Market analysts attributed the rise in crude oil prices at futures trade to a firming trend overseas, where it climbed to a 30-month high, amid signs that the global economic recovery is strengthening.

Meanwhile, crude in global markets gained 0.48 per cent to USD 107.20 per barrel.

(Source: http://www.indianexpress.com/news/Crude-oil-futures-up-0-77--on-global-cues/770367)