Crude oil futures rebound Rs 411 to Rs 9,272/barrel on strong global cues

New Delhi: Crude oil prices rebounded by Rs 411 to Rs 9,272 per barrel in futures trade on Thursday, tracking firm global cues and fresh buying after recent sharp losses.

On the Multi Commodity Exchange, crude oil for the April delivery jumped Rs 411, or 4.64 per cent, to Rs 9,272 per barrel in business turnover of 8,601 lots.

The May contract also advanced Rs 354, or 4.29 per cent, to Rs 8,604 per barrel in 6,575 lots.

Analysts said crude prices recovered amid renewed supply concerns and bargain buying after the previous session's sharp decline.

In the international markets, West Texas Intermediate (WTI) for May delivery increased USD 4.85, or 5.14 per cent, to USD 99.26 per barrel, while Brent for the June contract went up by USD 3.82, or 4.03 per cent, to USD 98.57 per barrel in New York.

According to analysts, crude oil prices rebounded as investors assessed developments in West Asia and weighed supply risks following reports of disruptions around the Strait of Hormuz.