Crude oil futures rose Rs 8 to Rs 3,057 per barrel today as speculators built fresh positions amid a better trend overseas.
In futures trading at the Multi Commodity Exchange, crude for delivery in November was up by Rs 8, or 0.26 per cent, at Rs 3,057 per barrel, with a business turnover of 8,739 lots.
The oil for delivery in December also rose Rs 7, or 0.22 per cent, to Rs 3,135 per barrel in a turnover of 312 lots.
Analysts said the rise in crude oil futures was largely in tandem with a better trend in Asia after tanking in the previous session, but the market remains under pressure by a global crude oversupply.
Prices were hammered yesterday after data showed that commercial crude inventories in the United States, the world’s top oil consumer, rose in the week to October 30.
Meanwhile, West Texas Intermediate crude prices for December delivery rose 19 cents to USD 46.512 while Brent for December was up 25 cents to USD 48.83 per barrel at the New York Mercantile Exchange.