Taking strong cues from overseas, crude oil futures prices rose by Rs 128 to Rs 4,432 per barrel today as speculators created fresh positions.
Sentiments turned bullish after the oil jumped to its highest level in more than two years in global market as violence intensified in Libya, stoking concern that crude supplies will be disrupted due to the escalating violence around the Middle East and North Africa.
At the Multi Commodity Exchange, crude oil for March contract surged by Rs 128, or 2.97 per cent, to Rs 4,432 per barrel, with a business volume of 20 lots.
Similarly, the oil for delivery in April shot up by Rs 114, or 2.59 per cent, to Rs 4,518 per barrel, with a business turnover of just one lot.
Market analysts said speculators creating positions in line with firm global trends, mainly influenced crude oil futures prices here.
Meanwhile, the crude oil for March contract on the New York Exchange, which expires today, gained $8.29 to $94.49 a barrel.
