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Crude oil was up 1.16 per cent to Rs 3,133 per barrel at the futures market today as speculators widened their bets, taking positive cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in current month rose Rs 36 or 1.16 per cent to Rs 3,133 per barrel in a business turnover of 7,437 lots.
Likewise, the oil for delivery in June was trading higher by Rs 32 or 1.01 per cent to Rs 3,190 per barrel in 848 lots.
Analysts said widening of positions by speculators on the back of a rebound in Asian trading, where it rose to a fresh 2016 highs today as slowdown in the US drilling and increase in Chinese crude refinery processing bolstered hopes that supply glut would ease sooner than expected, influenced crude futures here.
Meanwhile, West Texas Intermediate (WTI) for June delivery gained 62 cents, or 1.34 per cent, to $46.83, while Brent crude for July rose 62 cents, or 1.30 per cent, to $48.45 per barrel.
WTI gained 3.5 per cent and Brent advanced over five per cent last week, as the International Energy Agency said the glut could ease in the second half of this year and OPEC oil producers said the oversupply “may be easing” on reduced output by its members.
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