Crude futures during the Asian trading hours were up surged as the inventory data released by American Petroleum Institute (API) showed a decrease in stocks during the week.
As per the inventory report recorded with API, crude oil supplies fell 4.5 million barrels in the week to February 3 while gasoline inventories increased by 4.4 million barrels.
The decrease in inventory report increased risk appetite for the commodity in the overseas market. Additionally, the hopes on reaching the deal between Greece Government and private creditors spurted up market sentiment.
At 12:50 hrs, the crude futures were up 80 cents to $99.21 per barrel on the New York Mercantile Exchange and the Brent crude was surged 20 cents to $116 per barrel in the ICE Futures Exchange in London.
On MCX, the crude futures for February delivery were up 0.45% to Rs.4,881 per barrel on the back of strong global cues.
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