Crude oil prices rose 1.4 per cent to Rs 4,047 per barrel in futures market Monday as speculators created fresh positions taking positive cues from the overseas market.
At the Multi Commodity Exchange, crude oil for delivery in March contracts rose by Rs 56, or 1.4 per cent, to Rs 4,047 per barrel in a business turnover of 3,640 lots.
Crude to be delivered in April also gained Rs 44, or 1.09 per cent, to trade at Rs 4,090 per barrel in 131 lots.
Analysts said speculators built positions after oil prices gained steam in global market over reports of production cut from OPEC and expected impact of US sanctions on Venezuela on global oil supply.
A couple of bullish oil price forecasts also led to speculators widening positions.
Globally, West Texas Intermediate for March delivery gained 0.85 per cent to USD 56.06, while Brent crude for April rose 0.57 per cent to USD 66.63 per barrel.