Crude oil futures prices today recovered by 1.11% to Rs 4,754 per barrel as speculators created fresh positions after recent losses, tracking a firming trend in Asian trade.
At the MCX, crude oil for delivery in July gained Rs 52, or 1.11%, to Rs 4,754 per barrel in business turnover of 1,237 lots.
The June contract moved up by Rs 50, or 1.07%, to Rs 4,711 per barrel in 11,962 lots.
Market analysts attributed the rise in crude oil futures to firming trend in Asian trade as investors seek to buy at prevailing lower levels after recent declines.
Hopes of emergency talks by the G7 financial leaders restored investor confidence in Europe.
The euro strengthened on hopes of a solution to the despaired 17-nation unit.
A weaker US currency against the euro also pushed up investor demand for dollar-denominated crude futures, analysts said.
Meanwhile, crude oil for the July delivery advanced 85 cents to $94.83 a barrel on the New York Mercantile Exchange.