Crude oil futures rise 1.03% on positive global cues

NEW DELHI, Apr 18: Crude oil prices rose 1.03 per cent to Rs 4,405 per barrel in futures market today as speculators created fresh positions, tracking a firm trend in global markets.

Crude oil for delivery in May was trading higher by Rs 45, or 1.03 per cent, to Rs 4,405 per barrel in a business turnover of 747 lots in futures trade at the Multi Commodity Exchange.

The oil for delivery in the current month also rose by Rs 44, or 1.01 per cent, to trade at Rs 4,392 per barrel in 2,407 lots.

Analysts said speculative positions built up by traders, tracking a better trend overseas, influenced sentiments at futures trade here.

Meanwhile, West Texas Intermediate gained 32 cents, or 0.48 per cent to USD 66.84, while global benchmark Brent advanced 33 cents, or 0.46 per cent to USD 71.91 a barrel. (PTI)