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Crude oil futures traded 0.37 per cent higher at Rs 2,998 per barrel today as speculators created positions amid a firm trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in May gained Rs 11 or 0.37 per cent to Rs 2,998 per barrel with a business turnover of 1,448 lots.
The oil for delivery in June moved up Rs 11 or 0.36 per cent to Rs 3,064 per barrel with a business volume of 56 lots.
Marketmen said the rise in crude oil futures is largely in tandem with a rebound in Asia today but nagging worries about excess supplies kept them below 2016 highs after data showed Iran and Iraq increasing output.
The commodity has rallied for four straight weeks due to a weaker dollar and hopes that the world economy is slowly turning positive.
West Texas Intermediate crude prices for delivery in June advanced 31 cents, or 0.69 per cent, to $45.09 a barrel and Brent crude for July delivery rose 37 cents, or 0.81 per cent, to $46.20 on the New York Mercantile Exchange.
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