Crude oil futures prices shot up by 1.60 per cent to Rs 4,137 per barrel today, as traders enlarged their positions, driven by a firming trend in Asian trade on escalating tensions in Libya.
At the Multi Commodity Exchange, crude oil for March contract gained Rs 165, or 1.60 per cent, to Rs 4,137 per barrel, clocked a turnover of 43 lots.
Similarly, the crude for delivery in May contract also edged higher by Rs 46, or 1.07 per cent, to Rs 4,346 per barrel, with a turnover of one lot
Analysts attributed the rise in crude oil at futures market here to firming trend in Asian trading as mounting tensions in Libya fueled concerns over instability spreading across the oil-producing Arab states.
Meanwhile, crude for April delivery climbed $1.99 to $91.70 a barrel on the New York Mercantile Exchange today.