Crude oil prices spurted 2.90 per cent to Rs 4,757 per barrel in futures market today as speculators created fresh positions, tracking a firm trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in May month surged by Rs 134, or 2.90 per cent to Rs 4,757 per barrel in business turnover of 5,039 lots.
Similarly, the oil for delivery in June contracts shot up by Rs 129, or 2.78 per cent to Rs 4,762 per barrel in 370 lots.
Analysts said fresh positions were built up by traders in tandem with a firm trend overseas, where oil prices rose more than 2 per cent today, with Brent hitting a 3-1/2-year high, after US President Donald Trump abandoned a nuclear deal with Iran, likely curbing the OPEC member's crude exports in an already tight market.
Meanwhile, West Texas Intermediate rose 1.60 cents, or 2.32 per cent to USD 70.66 a barrel, while global benchmark Brent gained 1.88 cents, or 2.51 per cent to USD 76.73 a barrel.
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