Crude oil futures gain on firm global cues

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New Delhi, Mar 11 (PTI) Crude oil futures climbed Rs 63 to Rs 3,949 per barrel Monday as speculators raised bets amid a firm trend overseas.

At the Multi Commodity Exchange, crude oil for delivery in March was up Rs 63 or 1.62 per cent, at Rs 3,949 per barrel, with a business turnover of 5,382 lots.

Analysts said building up of positions by participants, tracking a firm trend in global market, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing fall in US drilling activity, influenced crude futures here.

Meanwhile, US benchmark West Texas Intermediate crude prices were up by 0.52 per cent, at USD 56.36 and Brent crude rose 0.43 per cent, to USD 66.05 a barrel.

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