Crude oil futures recover 0.97% on global cues

At the Multi Commodity Exchange (MCX), crude oil for delivery in December was trading higher by Rs 40, or 0.97 per cent at Rs 4,149 per barrel in a business turnover of 2,067 lots.

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Crude oil prices rose 0.97 per cent to Rs 4,149 per barrel in futures market Monday as speculators created fresh bets, taking positive cues from the Asian markets.

At the Multi Commodity Exchange (MCX), crude oil for delivery in December was trading higher by Rs 40, or 0.97 per cent at Rs 4,149 per barrel in a business turnover of 2,067 lots.

Analysts said speculators built fresh positions after oil prices recovered some ground in Asia on expectations the Organization of the Petroleum Exporting Countries(OPEC) would cut output, supported the recovery in crude prices at futures trade here.

Meanwhile, West Texas Intermediate gained 1.24 per cent to USD 57.38 a barrel, while Brent crude rose 0.82 per cent, to USD 67.31 a barrel.

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