Crude oil futures gain on firm global cues

New Delhi: Crude oil futures rose by Rs 29 to Rs 4,050 per barrel on Wednesday as speculators raised bets amid a firm trend overseas.

On the Multi Commodity Exchange, crude oil for delivery in September was up by Rs 29, or 0.72 per cent, at Rs 4,050 per barrel with a business turnover of 22,290 lots.

Analysts said building up of positions by participants tracking a firm trend in global market supported the rise in crude futures here.

Meanwhile, US benchmark West Texas Intermediate crude prices were up by 0.23 per cent at USD 56.34 and, Brent crude the international benchmark rose 0.55 per cent to USD 60.36 a barrel.