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Crude oil prices spurted 2.90 per cent to Rs 4,757 per barrel at the futures trade as speculators created fresh positions, tracking a firm trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in May surged Rs 134 or 2.90 per cent to Rs 4,757 per barrel in a business turnover of 5,039 lots. Similarly, the oil for delivery in June shot up Rs 129 or 2.78 per cent to Rs 4,762 per barrel in 370 lots.
Analysts said fresh positions were built up by traders in tandem with a firm trend overseas, where oil prices rose more than 2 per cent today, with Brent hitting a 3-1/2-year high, after US President Donald Trump abandoned a nuclear deal with Iran, likely curbing the OPEC member’s crude exports in an already tight market.
Meanwhile, West Texas Intermediate rose 1.60 cents or 2.32 per cent to $70.66 a barrel, while global benchmark Brent gained 1.88 cents or 2.51 per cent to $76.73 a barrel.
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