Crude oil moves up in futures trade on firm global cues

Tracking a firming global trend, crude oil prices rose by Rs 55 to Rs 4125 per barrel in futures market today on fresh buying by traders. Trading sentiment turned better after crude oil rose for the first time in three days in New York as the euro pared losses against dollar and European equities advanced, easing
concern the region's debt crisis dampen demand for fuel.

At the Multi Commodity Exchange, crude oil for delivery in October month rose by Rs 55, or 1.33 per cent, to Rs 4,180 per barrel, with a business turnover of 65,044 lots. 

Similarly, the oil for delivery in November contract moved up by Rs 55, or 1.32 per cent, to Rs 4,209 per barrel, with a trade volume of 2,986 lots. Market analysts said besides firming trend in overseas markets, fresh buying by traders mainly led to rise in crude oil futures prices. Meanwhile,  crude oil for October delivery gained 92 cents to USD 86.62 a barrel on the New York Mercantile Exchange.