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Crude oil surged 1.28 per cent to Rs 3,245 per barrel at the futures market today as speculators engaged in creating speculative positions shrugging off weak Asian cues.
At the Multi Commodity Exchange, crude oil for delivery in July contract was trading higher by Rs 41 or 1.28 per cent at Rs 3,245 per barrel in a business turnover of 4,869 lots.
Likewise, the oil for delivery in current month gained Rs 38 or 1.20 per cent to Rs 3,216 per barrel.
Analysts said speculative positions created by traders mainly attributed the rise in crude prices but a weak trend in Asian trade capped the gains.
Meanwhile, West Texas Intermediate crude was down 13 cents at $49.67, while global benchmark Brent shed 11 cents to $52.04 a barrel.
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