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Crude oil futures prices shot up by 1.75 per cent to Rs 4,890 a barrel today as traders engaged in enlarging positions, driven by a firm trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 84 or 1.75 per cent to Rs 4,890 a barrel, clocking a business turnover of six lots.
Similarly, crude for delivery in March edged higher by Rs 80 or 1.69 per cent to Rs 4,731 a barrel, with a business turnover of 11 lots.
Analysts attributed the rise to a firm trend in the global market, where oil prices rose to a fresh high in 29 months in New York as unrest in Libya fuelled concern about supply disruptions.
Meanwhile, crude for delivery in April today climbed $1.90 to $106.32 a barrel, the highest intra-day price since September 29, 2008 on the New York Mercantile Exchange.
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