Crude oil futures bounce on firm global cues

New Delhi, Nov 12 (PTI) Crude oil futures rose by 1.06 per cent to Rs 3,827 per barrel Wednesday after participants widened their bets, tracking a positive trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in January was trading higher by Rs 40, or 1.06 per cent, to Rs 3,827 per barrel with a business turnover of 1,096 lots.

The February rates also moved higher by Rs 51, or 1.34 per cent, to Rs 3,849 per barrel with a business volume of 250 lots.

 Marketmen attributed the rise in crude oil prices to raising of bets by traders and a firming trend overseas. Oil prices climbed by more than 1 per cent on Wednesday, lifted by expectations that an OPEC-led supply cut announced last week would stabilise markets as well as hopes that long-running Sino-American trade tensions could ease, say reports.

Meanwhile, West Texas Intermediate (WTI) crude prices rose by 1.2 per cent, to USD $52.25 per barrel while Brent crude, the international benchmark, was trading higher by 1.33 per cent at USD 60.77  per barrel. 

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