Crude oil futures recovered by 0.12 per cent to Rs 5,990 per barrel today as speculators created fresh positions on a firming trend in the Asian region.
At the Multi Commodity Exchange, crude oil prices for delivery in March traded higher by Rs 7, or 0.12 per cent, at Rs 5,990 per barrel, with a business turnover of 979 lots.
Crude oil prices for April also traded up by Rs 3, or 0.05 per cent, to Rs 6,005 per barrel, with a business volume of 198 lots.
Market analysts said the rise in crude oil futures led to a rebound in Asian trade as investors took to bargain hunting after sharp falls induced by a bigger-than-expected rise in US crude stockpiles.
Meanwhile, West Texas Intermediate crude prices for April delivery jumped by 13 cents to USD 98.12 a barrel in mid-morning trade on the New York Mercantile Exchange.