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Crude oil futures trade tad higher on firm trend overseas

Crude oil futures traded marginally higher on MCX as speculators enlarged positions, tracking firm trend overseas as markets tightened amid supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), US sanctions against Iran and Venezuela, and escalating violence in Libya.

The contract for April delivery was trading at Rs 4490.00, up by 0.2% or Rs 9.00 from its previous closing of Rs 4481.00. The open interest of the contract stood at 25410 lots.

The contract for May delivery was trading at Rs 4496.00, up by 0.07% or Rs 3.00 from its previous closing of Rs 4493.00. The open interest of the contract stood at 2178 lots on MCX.

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