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Crude oil prices advanced by 1.25 per cent to Rs 4,526 per barrel at the futures trade as speculators increased their positions, tracking a firm trend in global markets.
At the Multi Commodity Exchange, crude oil for delivery in April rose Rs 56 or 1.25 per cent to Rs 4,526 per barrel in a business turnover of 2,154 lots. On similar lines, the oil for delivery in May contracts was trading higher by Rs 55 or 1.23 per cent at Rs 4,540 per barrel in 1,407 lots.
Analysts said widening of positions by traders in line with a firm trend overseas influenced the trading sentiment. Oil prices remained close to highs touched the previous day that were last seen in late 2014, as US crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.
Meanwhile, West Texas Intermediate rose 0.57 per cent to $68.86 a barrel, while global benchmark Brent gained 0.60 per cent to $73.92 a barrel.
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