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Crude oil prices rose Rs 25 to Rs 3,040 per barrel in futures trade today as speculators widened their bets after it extended its rally in Asia.
At the Multi Commodity Exchange, crude oil for delivery in December contracts was trading higher by Rs 25, or 0.83 per cent, at Rs 3,040 per barrel, with a business turnover of 148 lots.
The oil for November delivery also moved up Rs 22, or 0.75 per cent, to Rs 2,973 per barrel, with a business volume of 2,665 lots.
The rise in crude oil futures came on a firming trend in Asian trade on bargain-buying, but analysts warned of fresh selling pressure as the US and the euro zone prepare to release key manufacturing indicators later in the day.
The gains extended a slight recovery yesterday after they were hammered on Wednesday by data that showed US crude stock increased much more than expected last week, adding to worries of a global glut.
Meanwhile, West Texas Intermediate crude prices for December delivery climbed 22 cents to USD 45.57 a barrel while Brent for December also advanced 27 per cent to USD 48.35 a barrel on the New York Mercantile Exchange.
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