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Crude oil futures traded higher by 1.76 per cent at Rs 4,209 per barrel at the futures market as speculators built up positions on positive cues from global market.
At the Multi Commodity Exchange, crude oil for delivery in February surged Rs 73 or 1.76 per cent to Rs 4,209 per barrel in a business turnover of 3,120 lots. The oil for delivery in March was trading higher by Rs 70 or 1.69 per cent at Rs 4,201 per barrel in 114 lots.
Analysts attributed the rise in crude oil prices at the futures trade to widening of bets by speculators after it hit the h ighest level since December 2014 in the global market, due to a weak dollar and a 10th straight week of declines in US crude inventories.
West Texas Intermediate climbed to $66.32 per barrel, while Brent crude, the international benchmark for oil prices, were up 45 cents, or 0.6 per cent, at $70.98 per barrel - a level not seen since early December 2014.
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