Crude futures up 4%, hit upper circuit on global cues

NEW DELHI: Crude oil futures on Tuesday surged by four per cent and hit the upper circuit on firming trend in overseas market.
    
On the Multi Commodity Exchange, the most-active January month contract rose by four per cent to hit the upper circuit at Rs 1,948 per barrel, with a turnover of 2,867 lot.
    
February month contract also moved up by 3.15 per cent to Rs 2,228 per barrel in a trading volume of one lot, while February contract gathered 3.43 per cent at Rs 2,113 per barrel in a business volume of 241 lots.
    
Market analysts said concerns that oil supply may be disrupted following conflict between Israel and Hamas, which could further heighten tension in the oil-rich Middle East, mainly attributed to the rally in crude oil prices.
    
Globally, crude for February delivery rose 22 cents to 40.24 US dollar a barrel on the New York Mercantile Exchange.