Crude oil was trading higher by 0.38 per cent at Rs 4,513 per barrel at the futures trade due to creation of fresh positions by speculators on firm Asian cues.

At the Multi Commodity Exchange, crude oil for delivery in July rose Rs 17 or 0.38 per cent to Rs 4,513 per barrel in a business turnover of 1,412 lots. Likewise, the oil for delivery in far-month August traded higher by Rs 6 or 0.13 per cent at Rs 4,489 per barrel in 118 lots.

Analysts said speculators built fresh positions, as oil prices rose in Asia due to uncertainty over whether OPEC would manage to agree for a production increase at a meeting in Vienna later in the day.

The Organization of the Petroleum Exporting Countries (OPEC), a producer cartel de-facto led by top exporter Saudi Arabia, is meeting together with some non-OPEC members, including top producer Russia, at its headquarters in the Austrian capital to discuss output policy.

Meanwhile, West Texas Intermediate gained 1.36 per cent to $66.43, while Brent crude, the international benchmark for oil prices, rose 1.25 per cent to $73.96 per barrel.

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