Crude oil prices rose by Rs 59 or 1.71 per cent to Rs 3,505 per barrel in futures market today, as traders enlarged their positions on a firming global trend.
Buying activity at futures market picked after crude oil traded above $74 a barrel in global markets.
At the Multi Commodity Exchange, crude oil for June contract rose by Rs 59, or 1.71 per cent to Rs 3,505 per barrel, with an open interest of 19,049 lots. Similarly, the oil for delivery in July contract moved up by Rs 51, or 1.44 per cent to Rs 3,590 per barrel, with an open interest of 3,016 lots.
Market analysts said increased buying by traders and reports of a firming trend in global markets pushed up crude oil prices at futures market.
Meanwhile, crude oil for July delivery was up 8 cent at $74.69 a barrel on the New York Mercantile Exchange.
