Crude oil prices rose by Rs 50 to Rs 5,404 per barrel in futures trade today as speculators created fresh positions, tracking a firm global trend.
Sentiment improved after oil rose the most in a week and gasoline climbed to the highest price in four months in global markets as Tropical Storm Isaac reduced output in the Gulf of Mexico and a fire in Venezuela shut part of the world's second-biggest refinery.
At the Multi Commodity Exchange, crude oil for delivery in September rose by Rs 50, or 0.93%, to Rs 5,404 per barrel, with a business turnover of 32,034 lots.
The October contract moved up by Rs 48, or 0.91%, to Rs 5,437 per barrel in 3,087 lots.
Marketmen said fresh positions created by speculators on tbe back of a firming global trend mainly led to a rise in crude oil futures.
Meanwhile, crude oil for October delivery increased USD 1.57 to $97.72 a barrel on the New York Mercantile Exchange.