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Crude oil prices recovered by Rs 35 to Rs 3,698 a barrel in futures trade on Wednesday as speculators created fresh positions after it rebounded from a 10 month low in New York.
At the Multi Commodity Exchange, crude oil for delivery in August traded Rs 35, or 0.96 per cent, higher at Rs 3,698 a barrel, with a business turnover of 5,151 lots.
Similarly, the oil for delivery in September moved up by Rs 35, or 0.94 per cent, to Rs 3,743 a barrel, with a trade turnover of 732 lots.
Market analysts said a firming trend overseas where crude rebounded from a 10—month low in New York as investors bet fuel demand will rise amid shrinking stockpiles and comments by the Federal Reserve that it is prepared to use a range of methods to bolster the economy, helped crude futures to trade higher.
Meanwhile, crude for September delivery gained $ 3.13, or 4 per cent, to $ 82.43 a barrel on the New York Mercantile Exchange.
It fell to $ 79.30 in yesterday’s trade, the lowest level since September 29 last year.
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