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Crude oil surged 1.52 per cent to Rs 3,404 per barrel at the futures market today as speculators engaged in creating speculative positions, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in July was trading higher by Rs 51 or 1.52 per cent to Rs 3,404 per barrel in a business turnover of 3,205 lots.
Likewise, the oil for delivery in far-month August gained Rs 49 or 1.44 per cent to Rs 3,460 per barrel in 86 lots.
Analysts said traders created speculative positions as crude climbed in Asia today after Federal Reserve boss Janet Yellen’s cautious remarks on the US economy weakened the dollar.
Sentiment was also influenced as traders nervously await Britain’s vote on its future in the European Union.
Meanwhile, West Texas Intermediate crude for August delivery, a new contract, was up 28 cents or 0.56 per cent at $50.13, while global benchmark Brent crude advanced 24 cents or 0.47 per cent to $50.86 a barrel.
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