Crude oil futures bounce 1.93% on firm global cues

Crude oil futures recovered by 1.93 per cent to Rs 4,446 per barrel Monday after participants widened their bets, tracking a firm trend in Asia. At the Multi Commodity Exchange, crude oil for delivery in November was trading higher by Rs 84, or 1.93 per cent, to Rs 4,446 per barrel with a business turnover of 1,968 lots. The December also moved higher by Rs 83, or 1.89 per cent to Rs 4,475 per barrel with a business volume of 250 lots.

Marketmen attributed rise in crude oil futures to raising of bets by traders in line with a firming trend overseas where it again breached the $ 71-mark following Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday.

Meanwhile, West Texs Intermediate crude prices rose by 1.03 per cent, to $ 60.81 a barrel while Brent crude, the international benchmark, was up 1.30 per cent at $ 71.09 per barrel on the New York Mercantile Exchange.