Crude oil futures rise on global cues

Written by Agencies | New Delhi | Updated: Jan 31 2011, 23:05pm hrs
Crude oil prices rose by Rs 58 to Rs 4,499 per barrel in futures trading as speculators enlarged their positions, supported by firming global trend.

At the Multi Commodity Exchange counter, crude oil for delivery in June rose by Rs 58, or 1.31 per cent, to Rs 4,499 per barrel, with an open interest of just one lot.

Likewise, the oil for delivery in February gained Rs 14, or 0.34 per cent, to Rs 4,131 per barrel, with a business turnover of nine lots.

Market analysts said increased buying by speculators in tandem with firming global trend mainly pushed up crude oil futures prices.

Meanwhile, New York's main contract, crude for March delivery rose by 37 cents to USD 89.71 per barrel.