Asian cues lift crude oil futures

Crude oil futures rose 0.29% to Rs 3,786 per barrel on Thursday as speculators created fresh positions amid a firming trend in Asia.

At Multi Commodity Exchange, crude oil for delivery in June traded higher by Rs 11, or 0.29%, to Rs 3,786 per barrel, with a business turnover of 3,364 lots.

The oil for delivery in July also moved up Rs 7, or 0.18%, to Rs 3,840 per barrel, with a business volume of 59 lots.

Analysts attributed the rise in crude oil futures to a rising trend in Asia after a decline in US petroleum stock, and production boosted hopes of an easing in the global supply glut.

Meanwhile, West Texas Intermediate crude for July delivery rose 10 cents to $59.08 while Brent crude for July gained 16 cents to $65.19 a barrel in late-morning trade.