Crude oil futures rebound 2.21% on positive Asian cues

Crude oil futures recovered 2.21 percent to Rs 2,171 per barrel today as speculators raised their bets amid a rebound in the Asian trade. At the Multi Commodity Exchange, crude for delivery in February gained Rs 47, or 2.21 percent, to Rs 2,171 per barrel, with a business turnover of 1,477 lots. The oil for January delivery moved up by Rs 44, or 2.17 percent, to Rs 2,074 per barrel, with a business volume of 11,304 lots.

The rise in crude oil futures was largely in tune with the rebound in its prices in Asian trade on Wednesday, halting a plunge that saw fall below USD 30 a barrel for the first time in more than 12 years but analysts warned of further pressure on the commodity. Meanwhile, West Texas Intermediate crude prices for February delivery advanced 26 cents, or 0.85 percent, to USD 30.70 while European benchmark Brent crude rose 10 cents, or 0.32 percent, to USD 30.96 a barrel on the New York Mercantile Exchange. On Tuesday, WTI fell at one point to USD 29.93, a level last seen in December 2003, although they were given a lift later by a private report pointing to a drop in inventories.