Crude oil prices recovered by Rs 35 to Rs 3,698 per barrel in futures trade today as speculators created fresh positions after it rebounded from a 10-month low in New York.
At the Multi Commodity Exchange, crude oil for delivery in August traded Rs 35, or 0.96%, higher at Rs 3,698 per barrel, with a business turnover of 5,151 lots.
September crude moved up by Rs 35, or 0.94%, to Rs 3,743 per barrel, with a trade turnover of 732 lots.
Market analysts said a firming trend overseas where crude rebounded from a 10-month low in New York as investors bet fuel demand will rise amid shrinking stockpiles and comments by the Federal Reserve that it is prepared to use a range of methods to bolster the economy, helped crude futures to trade higher.
Meanwhile, crude for September delivery gained $3.13, or 4%, to $82.43 a barrel on the New York Mercantile Exchange.
It fell to $79.30 in yesterday's trade, the lowest level since September 29 last year.