Crude oil futures rose 1.5 per cent to Rs 3,295 per barrel today as speculators created fresh positions amid a firm trend in Asian markets.

On the Multi Commodity Exchange, crude oil for delivery in March gained Rs 49 or 1.5 per cent to Rs 3,295 per barrel with a business turnover of 8,511 lots.

The oil for April delivery also moved up by Rs 47 or 1.4 per cent to Rs 3,383 per barrel in a turnover of 213 lots.

Analysts attributed the rise in crude oil futures to a firm trend in Asian markets though the gains were capped owing to concerns over surging stockpiles in the US, the world’s top consumer.

Meanwhile, West Texas Intermediate crude for March delivery rose 69 cents to $51.85 a barrel on the New York Mercantile Exchange.

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