ET:Crude oil futures gain 0.31% on firm overseas cues
NEW DELHI: Crude oil prices gained 0.31 per cent to Rs 5155 per barrel in futures market on Thursday as speculators enlarged their positions buoyed by a firming global trend.
At the Multi Commodity Exchange, crude oil for delivery in February moved up by Rs 16, or 0.31 per cent to Rs 5155 per barrel in business turnover of 25377 lots.
Similarly, the oil for delivery in March traded higher by the same margin to Rs 5200 per barrel in 3109 lots.
Market analysts said speculators enlarged their positions, taking positive cues from overseas markets after a report showed US fuel demand climbed.
Meanwhile, crude for March delivery advanced 27 cents to USD 96.89 a barrel on the New York Mercantile Exchange.
