Crude Oil Futures Rise On Positive Global Cues

New Delhi, Sep 14 (PTI) Crude oil rose by 0.49 to Rs 4,946 per barrel in futures market Friday as speculators indulged in creating speculative positions, taking positive cues from Asian markets.

In futures trade, crude oil for delivery in October rose Rs 24, or 0.49 per cent, to Rs 4,946 per barrel, in a business turnover of 48 lots.

The oil for delivery in September too rose by Rs 22, or 0.45 per cent, to quote at Rs 4,940 per barrel in 746 lots.

Analysts said speculative positions created by traders as oil prices rebound in Asia Friday as lingering supply constraints overshadowed a lower demand growth forecast by OPEC, mainly influenced crude prices in futures trade here.

Meanwhile, West Texas Intermediate gained 22 cents, or 0.32 per cent, to USD 68.81 while global benchmark Brent was up 16 cents, or 0.20 per cent cent to USD 78.34 a barrel.

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