Crude oil prices moved up by Rs 55 to Rs 4,313 per barrel in futures trade today as speculators enlarged their positions amid a firming global trend.
Trading sentiments turned better after oil advanced in New York as concerns eased that Greece will default on its debt and disrupt Europe's economy, and before a report that may show US. Crude stockpiles dropped for a third week.
At the Multi Commodity Exchange, crude oil for delivery in August moved up by Rs 55, or 1.29%, to Rs 4,313 per barrel, with a business turnover of 1,569 lots.
Similarly, the oil for delivery in July gained Rs 52, or 1.23%, to Rs 4,263 per barrel in 19,868 lots. Market analysts said fresh buying by speculators in tandem with a firming global trend mainly pushed up crude oil futures prices.
Meanwhile, crude oil for July delivery rose 65 cents to $93.91 a barrel on the New York Mercantile Exchange.
