Crude oil rose by Rs 10 to Rs 4,836 per barrel in futures market today as speculators raised bets, taking positive cues from global markets.
Crude oil for delivery in September was trading higher by Rs 10, or 0.21 per cent, to Rs 4,836 per barrel, in a business turnover of 1,387 lots at the Multi Commodity Exchange (MCX).
Likewise, the oil for delivery in October rose Rs 8, or 0.17 per cent, to Rs 4,829 per barrel in six lots.
Analysts attributed the upside in oil prices to speculative positions created by traders as prices picked up in global oil market as risks of supply disruptions from places such as Venezuela, Africa and Iran triggered expectations of a tightening market.
Meanwhile, West Texas Intermediate gained 9 cents, or 0.1 per cent, to USD 68.96, while global benchmark Brent was up 16 cents, or 0.2 per cent, to USD 76.37 a barrel.