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Crude oil climbed 1.26 per cent to Rs 4,728 per barrel at the futures trade as speculators raised their bets, taking positive cues from overseas markets.
At the Multi Commodity Exchange, crude oil for delivery in June month shot up Rs 59 or 1.26 per cent to Rs 4,728 per barrel in a business turnover of 190 lots. In a similar fashion, the oil for delivery in May was trading higher by Rs 57 or 1.22 per cent at Rs 4,725 per barrel in 3,382 lots.
US oil prices rose above $70 a barrel today for the first time since November 2014, while Brent crude prices climbed to fresh highs as a deepening economic crisis in Venezuela threatened the country's already tumbling oil supply.
Meanwhile, West Texas Intermediate rose 71 cents, or 1.02 per cent, to $70.43 per barrel on the New York Mercantile Exchange. Brent crude went up by 88 cents, or 0.1.18 per cent to $75.75 a barrel.
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