Crude oil prices rose Rs 53 to Rs 5,427 per barrel at the futures market today as speculators created fresh positions taking positive cues from overseas markets.
At the Multi Commodity Exchange, crude oil for delivery in September rose Rs 53 or 0.99 per cent to Rs 5,427 per barrel with a business turnover of 3,841 lots.
Similarly, the oil for October delivery traded higher by Rs 52 or 0.96 per cent to Rs 5,458 per barrel with a business turnover of 586 lots.
Marketmen said fresh buying by speculators on the back of a firm global trend after the US Federal Reserve announced a fresh round of stimulus to power the world’s biggest economy, mainly led to a rise in crude oil prices at the futures trade.
Meanwhile, crude surged 65 cents at $98.96 a barrel on the New York Mercantile Exchange.