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Crude oil futures rose by Rs 23 to Rs 3,618 per barrel today as speculators created fresh positions, tracking overnight gains in the global market.
Analysts said the rise in crude oil futures was largely in tandem with a firming trend in the global market on forecasts that the US shale production would likely drop and help ease a global supply glut.
At the Multi Commodity Exchange, crude oil for delivery in May gained Rs 23 or 0.64 per cent to Rs 3,618 per barrel, with a business turnover of 256 lots.
Oil for April delivery contracts surged by Rs 19 or 0.54 per cent to trade at Rs 3,515 per barrel with a business volume of 2,049 lots.
Meanwhile, West Texas Intermediate crude oil for May delivery advanced by 60 cents at USD 53.89 while Brent for May contracts gained 73 cents to USD 59.16 a barrel after hitting a three—week high of 59.63 in yesterday’s trade on the New York Mercantile Exchange.
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