Crude oil futures up 0.24% on strong Asian cues

Crude oil for delivery in January rose by Rs 41, or 0.81%, to Rs 5,103 per barrel.

January 19, 2012 12:33 IST

Crude oil futures prices were up by 0.81 per cent to Rs 5,103 per barrel today as speculators enlarged their positions, buoyed by a firming global trend.

At the Multi Commodity Exchange, crude oil for delivery in January rose by Rs 41, or 0.81 per cent, to Rs 5,103 per barrel, with a business turnover of 5,221 lots.

Likewise, the oil for delivery in February gained Rs 40, or 0.78 per cent, to Rs 5,136 per barrel, with a trading volume of 5,203 lots.

Marketmen said the rise in crude oil prices at futures trade was mainly due to a firming trend in Asia after International Monetary Fund’s plan to expand its lending resources to counter Europe’s debt crisis and reports of a drop in US crude inventories.

Meanwhile, crude oil for February delivery rose by 81 cents to USD 101.40 a barrel on the New York Mercantile Exchange in morning trade today.

This article was first uploaded on January nineteen, twenty twelve, at thirty-three minutes past twelve in the night.