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Crude oil prices shot up by Rs 31 to Rs 5,013 per barrel at the futures trade today as speculators enlarged their positions, driven by a firming global trend.
Buying activity gathered momentum after world oil prices stayed above multi-year high, supported by the continued tensions in the Arab world and the postponement of elections in Nigeria, Africa’s biggest crude producer.
Meanwhile, crude rose 55 cents to $110.85 per barrel after touching its highest level in two-and-a-half years in the US trade on Thursday.
At the Multi Commodity Exchange, crude oil for delivery in June shot up by Rs 31 or 0.62 per cent to Rs 5,013 per barrel with a business turnover of four lots. Similarly, April contract jumped up by Rs 30 or 0.61 per cent to Rs 4,910 per barrel with a business volume of 22 lots.
Market analysts said enlarging of positions by speculators, supported by a firming global trend, mainly pushed up crude oil futures prices.
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