Crude oil prices rose 0.46 per cent to Rs 3,937 per barrel Tuesday as speculators created fresh positions amid positive cues from overseas markets.
The prices remained upbeat owing to OPEC-led supply cuts and US sanctions against Venezuela's petroleum industry, coupled with healthy earnings numbers posted by major oil players overseas, reports said.
At the Multi Commodity Exchange, crude for delivery this month was trading higher by Rs 18, or 0.46 per cent, at Rs 3,937 per barrel in a business turnover of 14,100 lots.
Meanwhile, West Texas Intermediate gained 0.48 per cent to USD 54.82 for March delivery. Brent crude prices rose 0.32 per cent to trade at USD 62.71 per barrel for April delivery.
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