Crude oil futures rise 0.07% on global cues

Crude oil prices rose 0.07 percent to Rs 4,454 per barrel on Wednesday as speculators created fresh positions amid positive cues from global markets.

Traders said, oil prices hardened amid reports of ongoing turmoil in the OPEC member country Venezuela. They also maintained a cautious outlook over recent violence in Libya, and the US sanctions on Iran which might affect further production supplies.

At the Multi Commodity Exchange, crude for delivery in April contracts was trading higher by Rs 3, or 0.07 percent, to Rs 4,454 per barrel in a business turnover of 3,694 lots.

Meanwhile, West Texas Intermediate gained 0.47 percent to USD 64.28, while Brent crude the international benchmark edged higher 0.28 percent to USD 70.81 per barrel.