Crude oil futures prices rose 0.34 per cent to Rs 4,993 per barrel today as speculators engaged in enlarging their positions, taking positive cues from the Asian region.
At the Multi Commodity Exchange, crude oil for delivery in March gained Rs 16 or 0.34 per cent to Rs 4,993 per barrel with a business turnover of 5,011 lots. Similarly, the oil for April delivery also edged higher by Rs 15 or 0.30 per cent to Rs 5,042 per barrel with a business turnover o 456 lots.
Marketmen said the persistent rise in crude oil futures was largely attributed to a firming trend in the Asian region following the death of Hugo Chavez, President of major Latin American crude producer Venezuela.
Globally, crude oil for April delivery was up 26 cents at $91.08 a barrel on the New York Mercantile Exchange.