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Crude oil rebounded by 1.16 per cent to Rs 2,172 per barrel at the futures market today as speculators widened their bets, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 25 or 1.16 per cent to Rs 2,172 per barrel in a business turnover of 1,596 lots.
Likewise, the oil for delivery this month was up by Rs 15 or 0.75 per cent to Rs 2,007 per barrel in 12,246 lots.
Analysts said speculators widened their positions on the back of a recovery in Asian trade ahead of a meeting between the Iranian and Iraqi oil ministers and following a Saudi Arabia agreement to freeze output.
Meanwhile, West Texas Intermediate for March delivery gained 18 cents or 0.62 per cent to $29.22, while Brent crude for April delivery rose 33 cents or 1.03 per cent to $32.51.
Oil prices have tumbled about 70 per cent since June 2014, hit by oversupply, sluggish demand and concerns over global economic outlook.
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