Crude oil rose Rs 61 to Rs 5,182 per barrel at the futures trade due to speculative positions created by participants on firm global cues.
At the Multi Commodity Exchange, crude oil for delivery in November was trading higher by Rs 61 or 1.19 per cent at Rs 5,182 per barrel in a business turnover of 166 lots. The oil for delivery in October too rose Rs 52 or 1.01 per cent to Rs 5,198 per barrel in 1,429 lots.
Analysts said speculative positions created by traders, as oil prices edged up in Asia after US markets tightened just weeks ahead of Washington’s plan to impose new sanctions against Iran, with US bank JP Morgan warning of price spikes above $90 per barrel in coming months, mainly influenced crude prices at the futures trade.
Meanwhile, West Texas Intermediate gained 75 cents, or 1.06 per cent, to $71.53, while global benchmark Brent was up 93 cents, or 1.19 per cent cent, at $79.17 a barrel.