Crude oil futures firm up on overseas cues

Crude oil futures prices rose by 1.20 per cent to Rs 6,086 per barrel today as speculators created fresh positions amid a firm trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in December gained Rs 72, or 1.20 per cent, to Rs 6,086 per barrel, with a business turnover of 6,942 lots.

The oil for January next year delivery contracts moved up by Rs 73, or 1.20 per cent, to Rs 6,138 per barrel, with a business volume of 817 lots.

Market participants said the rise in crude oil futures was attributed to a firming trend in Asia on news that part of a major US pipeline could open next month and ease over-supplied inventories.

Meanwhile, crude oil for January delivery advanced by USD 1.13 to USD 97.17 a barrel in mid-morning trade on the New York Mercantile Exchange.