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Crude oil prices were up 1.2 per cent to Rs 3,368 per barrel at the futures trade today as speculators widened their bets, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in June rose Rs 40 or 1.20 per cent to Rs 3,368 per barrel in a business turnover of 9,617 lots.
On similar lines, the oil for delivery in July went up by Rs 37 or 1.10 per cent to Rs 3,410 per barrel in 558 lots.
Analysts said widening of positions by speculators on the back of firm Asian cues, where Brent crude surpassed $50 a barrel for the first time in 2016 today after data showed a fall in the US crude inventories, adding to expectations of a tightening global market, mainly led to the rise in crude oil prices at the futures trade.
Meanwhile, at around 0900 IST, Brent North Sea crude for July delivery was up 33 cents at $50.07 a barrel, while the US benchmark West Texas Intermediate was trading 29 cents higher at $49.85.
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