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Crude oil futures up 0.75% on positive global cues

Press Trust of India / New Delhi 19 May 17 | 01:59 PM

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that hammered prices, in Cushing, Oklahoma

Crude oil rose 0.75 per cent to Rs 3,227 per barrel in futures market on Thursday as speculators created fresh bets, taking positive cues from global markets.

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At Multi Commodity Exchange, crude oil for delivery in current month was trading higher by Rs 24, or 0.75 per cent, to Rs 3,227 per barrel, in a business turnover of 3,156 lots.

Likewise, the oil for delivery in June was trading up by Rs 21, or 0.65 per cent, to Rs 3,258 per barrel in 1,093 lots.

Analysts said, speculators enlarged positions as OPEC members supported Saudi Arabian and Russian pledges to extend supply cuts, which mainly influenced crude prices at futures trade here.

Meanwhile, West Texas Intermediate was up 0.87 per cent at $49.78 per barrel while Brent crude gained 0.76 per cent to $52.91 per barrel.

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