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Crude oil futures jump by Rs 122 on global cues

Crude Price

New Delhi:  Crude oil futures soared by Rs 122 at Rs 3,216 per barrel today as speculators created fresh positions amidst a firming trend in Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 122, or 3.94 per cent, to Rs 3,216 per barrel, with a business turnover of 5,596 lots.

The oil for May delivery also moved up by Rs 112, or 3.49 per cent, to Rs 3,320 per barrel in a turnover of 583 lots.

Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia after Saudi Arabian jets struck rebel targets in Yemen, with fears growing that a spiralling crisis in the country could threaten key crude producers in the Middle East.

Meanwhile, West Texas Intermediate (WTI) crude oil for May delivery surged by USD 2.28 to USD 51.49, while Brent crude for May rose by USD 2.46 to USD 58.94 per barrel in late-morning trade on the New York Mercantile Exchange.

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