Crude oil rose 1.03 per cent to Rs 2,753 per barrel in futures market today as speculators engaged in widening positions, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in May was trading higher by Rs 28, or 1.03 per cent, to Rs 2,753 per barrel, in a business turnover of 90 lots.
Likewise, the oil for delivery in April gained Rs 25 or 0.95 per cent, to Rs 2,650 per barrel in 970 lots.
Analysts said enlarging of positions by traders after crude prices rose in Asia Monday, extending last week’s gains from data showing a drop in the US production, influenced oil prices at futures trade here.
Data showing US stockpiles and output had seen a surprise fall provided some much needed impetus to the market last week, with a fall in the number of rigs drilling also provided strong support.
Meanwhile, West Texas Intermediate for May delivery gained 13 cents or 0.33 per cent to USD 39.85 while global benchmark Brent for June advanced 15 cents, or 0.36 per cent, to USD 42.09 a barrel.
Both contracts rose eight per cent or more last week week.