Crude oil futures continue surge on global cues

In line with strong trend overseas, crude oil prices continued the upward surge again on Friday by rising 0.91% to Rs 3,902 per barrel. 

Crude oil in the Multi Commodity Exchange (MCX), for delivery in February was trading up by 0.91% or Rs35per barrel at Rs 3902 in a business turnover of 5761 lots.  In the Meantime, WTI crude gained 0.85% to USD 54.84 and Brent crude rose 0.63% to USD 65.04 per barrel.

The crude price has gained about 20% this year, mainly led by the prospect of a fall in oil supply from the OPEC regions and other major exporters like Russia.