Crude oil futures rise 3% on strong global cues


Crude oil futures rose 2.96 percent Monday as speculators created fresh positions, taking firm cues from overseas markets.

At the Multi Commodity Exchange, crude oil for May contracts was trading higher by Rs 132, or 2.96 percent, to Rs 4,589 per barrel in a business turnover of 19,499 lots.

Traders said, oil prices hardened amid reports that the US was poised to tell five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from the US sanctions if they continue to import oil from Iran.

The crude oil for June contracts also rose by Rs 132, or 2.95 percent, to Rs 4,607 per barrel in a business volume of 337 lots.
Meanwhile, West Texas Intermediate crude prices rose 2.20 percent to USD 65.41 per barrel, while Brent crude, the international benchmark, was up 2.33 percent to USD 73.65 per barrel.

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